S. 115V-I: Shipping business-Shipping income-Allocation of administrative expenditure-Required to be allocated on a reasonable basis.

S. 115JB: Company-Book profit-Sales tax subsidy-Credited to capital reserve-Adjustment made by the Assessing Officer is not justified.

S. 112: Tax on long-term capital gains-Determination of tax in certain cases-Rate of tax-Redemption of debentures-Debentures are explicitly excluded from the concessional tax treatment under s. 112A, the correct rate of tax applicable on the LTCG from the redemption of market-linked debentures is 20 per cent under s. 112 [S.112A]

S. 80G: Donation-Charitable as well as religious objects-Trust applies less than 5 per cent of its income towards religious purposes-Matter is restored to the CIT(E) to consider the grant of registration after carrying out necessary verification in accordance with law. [S.80G(5) 80G(5B), Expiation 3.]

S. 74: Losses-Capital gains-Capital loss-Carry forward and set off-Shares acquired before 1st April, 2017 cannot be taxed in the source country i.e., India-Eligible to carry forward the long term capital loss under the provisions of the Act-Debatable issue-Adjustment was not valid-DTAA-India-Singapore [S.90,143(1), Art. 13]

S. 69A: Unexplained money-Cash deposits in bank account-Demonetization period-Assessee, aged 89 years-Addition cannot be sustained to the extent of Rs. 5 lakhs in view of CBDT Instruction No. 3 of 2017, dt. 21st Feb., 2017-Source of the remaining amount of Rs. 5 lakhs has been duly explained by the assessee on the basis of said bank statements-Addition was deleted.

S. 69: Unexplained investments-Income from undisclosed sources-Search-Notings on loose paper-Third-party presumption-Failure to give an opportunity of cross-examination-Addition was deleted. [S.132, 132(4)]

S. 69: Unexplained investments-Income from undisclosed sources-Survey-Investment in immovable property-AO was right in bringing the undisclosed income to tax under the special provisions of S. 69 and thereafter levying tax under the provisions of S. 115BBE.[S.69B, 115BBE, 292B]

S. 68: Cash credits-Share transactions-Capital gains-Cannot be assessed as sham transaction-Addition was deleted. [S. 10(38,45]

S. 56: Income from other sources-Difference between the stamp duty value as on the date of agreement and the agreement value of the flats-Reference to DVO-Issue is restored to the AO for de novo adjudication after seeking a valuation report from the DVO as per the provisions of the Act. [S.50C(2), 56(2)(vii)(b)]