S. 68 : Cash credits-Capital gains-Penny stock-Failure to prove the genuineness-Denial of exemption is affirmed.[S.10(38), 45]

S. 57 : Income from other sources-Deductions-Failure to comply the various notices-Reasonable cause-Matter remanded-Quantum is remanded back-Penalty is quashed.[S. 56, 271 (1)(c)]

S. 56 : Income from other sources-Share premium-Incorrect report of Chartered Accountant Matter remanded. [S. 56(2)(viib).]

S. 56 : Income from other sources-Allotment of shares at a premium-DCF method-Valuation report of Chartered Accountant-Addition deleted by the CIT(A) is affirmed. [56(2)(viib), R.11U, 11UA]

S. 56 : Income from other sources-Share premium-DCF-Net assessed liability method-Assessing Officer cannot change the method of accounting. [56(2)(viib), R.11UA]

S. 56 : Income from other sources-Buy back of own shares-Provision of section 56(2)(x) and consequentially rule 11UA would be inapplicable.[S. 56(2)(x), R. 11UA]

S. 56 : Income from other sources-Interest on enhanced compensation-Seven beneficiaries-Matter is remanded back to Assessing Officer to compute only 1/7th portion of total interest income and TDS credit thereon in hands of assessee. [S. 23, 57]

S. 54F : Capital gains-Investment in a residential house-Sale of inherited property-Agreement for purchase-Failure to construct-Pendency of litigation-Assessee can not be compelled to treat unutilized portion of funds kept under Capital gains account Scheme as taxable. [S. 45]

S. 50B : Capital gains-Slump sale-long-term capital loss-audit report-Copy of Form No. 3CEA during assessment proceedings-Denial of exemption is not valid. [S. 139(1), R.6H, Form No 3CEA]

S. 47(xiii) : Capital gains Transaction not regarded as transfer-Capital gains-Conversion of firm in to company-Non-resident company (Umicore) purchased 99.96 per cent shares of said converted Indian company-AAR ruled that no capital gain accrued or arose at time of conversion of partnership firm into private company and High Court affirmed view point of AAR-No liability was attracted towards capital gain, whether short-term or long-term. [S. 2(47) , 47,47(xiii)(d)]