S. 68 : Cash credits-Burden of proof-Share Application money and share premium-Availability of sufficient funds-Statements of directors recorded, confirmed decision of the board to invest in assessee-Burden of proof of assessee to prove identity and creditworthiness discharged-AO is not making any inquiry or finding any discrepancy in evidence-Proviso requiring assessee to prove source of credits not applicable-Additions is not justified.

S. 68 : Cash credits-On money received for sale of units in housing projects-Improbable to make profits upto 50%-properties sold not high end-On money element added at 50% of booked price very high-Additions to be restricted to 15%.-Order to be not treated as precedent.

S. 68 : Cash credits-Burden of proof-Receipts of sums of deposits, receipts of sums refunded furnished by the assessee-Details not untrue-Burden discharged-Addition is not justified. [S.292C]

S. 57 : Income from other sources-Deductions-Purchase of land for construction of hotel building-Capitalisation of project and preoperative expenses pending-FDs receipts purchased for letter of credit and bank guarantees given to various suppliers-Interest income not income from other sources-AO to consider interest as part of capital receipt and to be deducted from cost of project. [S. 56, 57(ii)]

S. 57 : Income from other sources-Deductions-Premature encashment of Fixed Deposit-Loss on interest-No expenditure incurred to earn interest income-Deduction disallowed-No evidence that loan taken from third party with whom deposit placed had connection with earning of any interest.[S. 56, 57(iii)]

S. 55A : Capital gains-Reference to Valuation Officer-Calculation without referring to D.V.O.-On the basis of own assumption-Ought to have referred to D.V.O.-Order set aside-Matter remanded and referred to D.V.O. for considering cost of acquisition. [S.55(2) (b)]

S. 54F : Capital gains-Investment in a residential house-Exemption-Sale of immoveable property and purchase of a residential house-Harmonious construction-Proviso cannot be construe to defeat intent-Restriction on ownership-Houses outside of India cannot be considered.[S. 45]

S. 54B : Capital gains-Land used for agricultural purposes-Land sold for residential purposes as per sale deed-Land recorded as agricultural land as per revenue record-Assessee, not applied for change of land-AO failed to enquire whole land in survey number converted to non-agricultural purpose or land falling to share of assessee-CIT(A) is directed to allow additional evidence-Matter Remanded. [S. 2(14) (iii), R. 46A]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Reference to D.V.O.-Value in report of D.V.O. lower-Report submitted after assessment order-CIT(A) ought to have considered the value of the report. [S. 45, 48]

S. 48 : Capital gains-Computation-Cost of acquisition-Fair market value on 01.04.1981-Correct F.M.V. to be considered-Assessee’s computation to be accepted. [S. 45, 50C, 55]