S. 68 : Cash credits-long term capital gains-Penny stock-Bogus claim-Sulabh Engineers & Services Ltd-Order of Tribunal is affirmed-High Court cannot be converted into an Appellate Tribunal to examine the factual issue which was not placed before the Tribunal or lower Authorities-No substantial question of law. [S. 45, 260A]

S. 68 : Cash credits-Principle of natural justice-Adjournment application is not considered-Order is set aside [S. 143(3), Art. 226]

S. 68 : Cash credits-Unsecured loans-Statement in the course of search-Praveen Kumar Jain-Accommodation entries-Confirmation is filed-Loan received and repaid by account payee cheque-Order of Tribunal deleting the addition is affirmed.[S. 260A]

S. 68 : Cash credits-Long term capital gains from equities-Penny stock-Accommodation entries-Survey-Report of Investigation Wing-Delay of 303 days-Explanation offered by the Revenue is held to be not sufficient to condone the delay-SLP of Revenue is dismissed. [S. 10(38), 45 Art.136]

S. 68 : Cash credits-Statement of Directors-High Court affirmed the order of the Tribunal deleting the addition-SLP of Revenue is dismissed.[S. 132, Art. 136]

S. 56 : Income from other sources-Share premium-Not received any consideration for allotment of shares in previous year relevant to current assessment year-Deletion of addition by the Tribunal is affirmed-Assessing Officer has no jurisdiction to substitute NAV method of assessing valuation of shares, once assessee has exercised option of a DCF valuation method as per rule 11UA(2)-Order of Tribunal is affirmed. [S.56(2)(viib), 260A, R.11UA(2)]

S. 54F : Capital gains-Investment in a residential house-Surrender of tenancy-Stamp duty value-Unexplained investment-Show cause notice-Not an empty formality-Entitle to exemption-Assessment order is quashed. [S. 45, 56(2)(x)(a), 56(2)(x)(b), 115BBE, 143(3), 144B Art. 226]

S. 44BB : Mineral oils-Computation-Non-resident-Royalty-supply/lease/hire of rigs to be used for drilling and exploration of mineral oils-Amount received is covered under provisions of section 44BB and taxable on gross/presumptive basis at rate of 10 per cent-DTAA-India-Malaysia.[S.9(1)(vi), 115A, 260A, art. 12]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Delay of 521 days-SLP of Revenue is dismissed. [Art. 136]

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Matter remanded back to the Assessing Officer. [S. 37(1), 40A(2)(a), Art. 136]