S. 69C: Unexplained expenditure-Bogus purchases-Information from sales tax department-Suspicious dealers-Only profit attributable on total purchase consideration could be subject to income-tax-Not entire purchase.[S. 260A]

S. 69C : Unexplained expenditure-Bogus purchases-Tribunal justified in restricting addition to 8% GP on impugned purchases, as purchases were genuine and paid by cheque. [S. 133(6),
260A]

S. 69C : Unexplained expenditure-Bogus purchases-No discrepancy between purchases and sales-Entire bogus purchases could not be treated as income; addition restricted to GP element. [S. 260A]

S. 69A : Unexplained money-Seizure at airport-Professional income explained-Competent authority was directed to return seized cash. [S. 131(1A),Art. 226]

S. 69A : Unexplained money-Accommodation bills-Burden of proof-Assessee was not obliged to produce third-party books-Order of Tribunal deleting the disallowance was affirmed.[S. 260A]

S. 45 : Capital gains-Sale of shares-Computation of capital gains-Fair market value as on 01-04-1981-Leasehold land-lease value of leasehold interest to be taken into account.[S. 2(22B), 55(2)(b)(ii), Wealth-tax Rules, 1957.R. 1D]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Contractors-Declaration was furnished-Tribunal was not justified in remanding the issue before the Assessing Officer. [S. 194C(6), 254 (1) 260A]

S.37(1): Business expenditure-Provision for claims made on customer wise details-Not a contingent liability-Provision for incurred but not reported claims allowable as deduction. [S.260A, First Schedule]

S.37(1): Business expenditure-Statutory reserve fund-Amounts transferred to statutory reserve fund in compliance with mandatory provisions of Reserve Bank of India Act, 1934-No diversion of income-Not allowable as deduction.[S. 4, Reserve Bank of India Act, 1934 S. 45-IC, 45Q.]

S. 36(1)(va): Any sum received from employees-Not paid before due date-Disallowance was affirmed. [S.260A]