S. 68: Cash credits-Share capital-Addition already made in the hands of investor companies-Amount cannot be taxed again in the hands of the assessee company as the Act does not envisage taxation of the same income twice over on one passage of money.

S. 68: Cash credits-Advance received from customers of the housing project-Offered to tax such advances received in the subsequent years-Addition was not justified-Entitled to claim deduction under s. 80-IA-Addition was rejected. [S. 80IA]

S. 68: Cash credits-Cash deposits-Demonetization-Survey-Cash sales accepted-Auditors have certified that proper books of account as required by law have been kept by the assessee and books of account give a true and fair view of profit-The rejection of the books of account by the CIT(A) was held to be not justified-Addition was deleted. [S. 69A, 133A, 145(3)]

S. 68: Cash credits-Difference between amount of loan shown in audit report and confirmation-Filed confirmation-two separate account-Deletion of addition was affirmed.

S. 68: Cash credits-Share application money-On account of convertible equity warrants from companies which are operated by an entry operator –AO was justified in treating the amount as unexplained income of the assessee. [S. 131(IA) 132(4),133(6)]

S. 56: Income from other sources-Fair market value of shares acquired by assessee from AE-The assessee purchased the shares of ETL at Rs. 14.30 per share, which is higher than its FMV-Even if the assessee has obtained the valuation report at a later date, as long as it is able to demonstrate that the FMV has been ascertained in accordance with R. 11UA(1)(c) based on audited balance sheet drawn up on the valuation date, said report cannot be rejected for being obtained post the date of transaction-CIT(A) was justified in deleting the addition made under s. 56(2)(x)[S.56(2)(x), R.11UA(1)(c)]

S. 56: Income from other sources-Issue of shares at a premium-DCF method-Addition was deleted. [S. 56(2)(vii), R.11UA]

S. 56: Income from other sources-Issues of shares at premium-The valuation of share determined by the chartered accountant at Rs. 15.23 per share was held to be correct and the addition made by the AO under s. 56(2)(viib) was deleted. [S.56(2)(viib)]

S. 56: Income from other sources-Receipt of bonus shares-Provisions of s. 56(2)(vii)(c) are not attracted on receipt of bonus shares.[S.56(2)(vii)(c)]

S.54F: Capital gains-Investment in a residential house-Owing to the Death of the mother of the assessee, she received 25 per cent of the share in the property in New Delhi-Merely because the assessee had the right to receive the rent w.e.f. 11th July, 2015, the position does not change-Absolute ownership was acquired by the assessee only after mutation. The assessee is the 25 per cent owner of the property; he cannot be held to be the absolute owner of the second property-entitled to exemption. [S. 45]