S. 68 : Cash credits-Unexplained investments-Long-term Capital gains-Penny stock-Kappac Pharma-Suspected scrip-Scrip discredited by investigation report and Stock Exchange Boards-No material to contrary brought on record-Addition made on presumptions and human probabilities-Addition is deleted-Allowed exemption. [S. 10(38) 45, 69C]

S. 68 : Cash credits-Accommodation entries-Share capital, share premium and unsecured loan-Earning commission income a 20 Paise Per Rs. 100-Credit and debit entries in the bank account-Addition is deleted.

S. 55A : Capital gains-Reference to Valuation Officer-Computation-Cost of acquisition-Value as on 1-4-1981-Reference To Valuation Officer-Amendment With Effect From 1-7-2012-Substitution of words is at variance with its fair market value for is less than its fair market value-Reference can be made to Departmental valuation Officer only where value shown by assessee is less than fair market value-Declaring value as on 1-4-1981 at figure higher than value determined by Departmental Valuation Officer-Value adopted by Departmental Valuation Officer could not be taken for computing fair market value.[S.45,55A(a)]

S. 54 : Capital gains-Profit on sale of property used for residence-Not fulfilling conditions-Denial of deduction is not proper. [S. 45]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Cash credits-Service tax out standing-Additional evidence is admitted-Matter is remanded for fresh adjudication. [S.43B, 68, 145A(ii), Form No 26A]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Services rendered out side India-Not liable to deduct tax at source-Order of CIT(A) deleting the addition is affirmed. [S.9(1)(vii), 195]

S. 37(1) : Business expenditure-Commission-Allowable as business expenditure-Sponsorship of festival-Nothing to prove connection with the business-Disallowance is affirmed.

S.37(1): Business expenditure-Commission-Not related party-Higher commission-Disallowance is deleted.

S. 37(1) : Business expenditure-Business promotion expenses-Expenditure on medical camps Expenditure prohibited by law-Travel expenses-Expenditure incurred for business trips of partner of firm-Matter remanded to the file of the Assessing Officer

S.37(1): Business expenditure-Sales promotion expenses-Disallowance is restricted to 15% based on earlier year.