S. 56 : Income from other sources-Purchase of shares for consideration less than market value-Buy-Back of shares-Reduction of share capital-Does not amount to purchase or acquisition of any property-Addition is not justified.[S. 2(22)(d), 56(2)(viia), 115-O, R.11UA]

S.54B: : Capital gains-Land used for agricultural purposes-AO made addition as per unexplained cash deposits-Deduction not available-Cash deposit in bank-Addition is justified.[S.45, 69]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Reference to DVO-Assessing Officer ought to have referred the matter to the district valuation officer to get the market value of the property, applying a circle rate meant for commercial property-Addition deleted. [S.55A]

S.45: Capital gains-Business income-If during preceding years, returned income had been accepted as assessed income without reclassification of income then during the previous year under consideration income by way of capital gains cannot be reclassified into business income. [S.28(i)]

S. 45 : Capital gains-Penny stock-Sale of shares-No evidence to prove that assessee directly involved in price manipulation of shares-Addition based on surmise, suspicion, and conjecture and by making baseless allegations, assessee entitled to exemption. [S.10(38), 68]

S. 45 : Capital gains-Charge of tax-Convertible preference shares-Preference shares transferred by original allottees-Shares redeemed and issue of equity shares by assessee against credit to security premium account-Gains on conversion of preference shares into equity shares accrue in hands of shareholder-Not in hands of assessee. [S. 2(47)]

S. 45 : Capital gains-Long-term capital gains from equity shares-Securities transaction tax paid-Entitle for exemption-Depreciation-Matter remanded. [S.10(38), 44, Sch.I.R.5(B)]

S.43B: Deductions on actual payment-Deduction allowed in the year in which the Assessee settles the outstanding electricity dues by way of payment out of the government grants, which is provided for the very purpose of aiding settlement.[S.145]

S.43B: Deductions on actual payment-Interest capitalised and not charged to profits-Work in progress-Disallowance could not be made. [S.37(1), 139(1)]

S. 43A : Rate of exchange-Foreign currency-Accounting Standard-Reinstatement of accounts-Loss is not claimed in earlier years-Gains not taxable as income of year.[S. 45, 145]