S. 68 : Cash credits-Shares to promoters at premium-Capital or revenue-Income from other sources-Share premium cannot be assessed as revenue receipt even if assessee had breached provisions of section 78(2) of Companies Act, 1956, it would be penalised by provisions of Companies Act and breach would never turn share premium amount received into a revenue receipt-Share premium cannot be assessed as income from other sources. [S.56,260A, Companies Act, 1956, S 78(2)]

S. 68 : Cash credits-Capital gains-Long term capital gains on sale of shares-Demat account for more than 12 months-Entry operator-Report from Investigation wing-Accomodation entries-Sold through stock exchange after payment of security transactions tax-Denial of opportunity of cross examination-Entitle to exemption-Tribunal is justified in deleting the addition-Delay in filing SLP is not condoned-SLP of Revenue is dismissed. [S. 10(38), 45, 69, 133A, Art. 136]

S. 68 : Cash credits-Capital gains-Long term capital gains on sale of shares-Demat account for more than 12 months-Entry operator-Sold through stock exchange after payment of security transactions tax-Denial of opportunity of cross examination-Entitle to exemption-Tribunal is justified in deleting the addition-SLP of Revenue is dismissed. [S. 10(38), 45, 69, 133A, Art. 136]

S. 68 : Cash credits-Capital gains-Long term capital gains on sale of shares-Demat account for more than 12 months-Entry operator-Sold through stock exchange after payment of security transactions tax-Denial of opportunity of cross examination-Entitle to exemption-Tribunal is justified in deleting the addition-SLP of Revenue is dismissed. [S. 10(38), 45, Art. 136]

S. 56 : Income from other sources-DCF method-Valuation report by a merchant banker-Assessing Officer is not empowered to value the shares on net valuation method-Directed to exercise of valuation afresh in accordance with DCF method.[S. 56(2)(viib), 56(2)(viic), 260A, R.11UA(2)]

S. 55 : Capital gains-Cost of improvement-Cost of acquisition-Fair market value-Indexed cost-Lease hold land-Rule ID [S. 2(22B), 45, 55(2)(b))(ii), 260A]

S. 54 : Capital gains-Profit on sale of property used for residence-Under construction flat-Possession had been completed within a three years from date of sale of residential house-Entitle to deduction. [S. 45, 260A]

S. 44BB : Mineral oils-Computation-Payment received for providing various services in connection with mining activity would not be chargeable to tax as fees for technical services. [S. 9(1))(vii), 44AD]

S. 43B : Certain deductions only on actual payment-Excise duty-Included in closing stock-No double deduction-Allowable as deduction.[S.145, 260A]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Genuineness of transaction was in doubt-Order of High Court is affirmed-SLP of assessee is dismissed. [R.6DD(j), Art. 136]