S. 69 : Unexplained investments-Search-Reference to DVO-DDIT (Inv)-DDIT did not have power to make reference to DVO-Power was acquired only on 1-4-2017 by virtue of Finance Act, 2017 under section 132(9B)-Order of Tribunal deleting the addition was affirmed. [S. 132, 132(9B)]

S. 68 : Cash credits-Failure to produce the farmers from whom the loan was taken-Direction of the Tribunal is not complied with-Order of Tribunal confirming the addition is affirmed. [S. 254((1), 260A]

S. 68 : Cash credits-Share capital-Statement during search-Statement was retracted-Order of Tribunal deleting the addition was affirmed. [S. 132(4), 260A]

S. 68 : Cash credits-Loan for purchase of land-Explained the source-Remand report was obtained-Order of Tribunal deleting the addition is affirmed. [S. 133A, 260A]

S. 68 : Cash credits-Sale of shares-Capital gains-Penny stock-Finding of investigation wing-Exemption-Sham transaction-transactions were done through recognized stock exchange-There was no evidence that assessee had paid cash in return of receipt through cheque-Order of Tribunal deleting the addition was affirmed. [S. 10(38), 45, 69C]

S. 45 : Capital gains-Memorandum of understanding dated 16-6-2007 agreeing to sell their shares-Substantial consideration was received-Share certificates were not delivered to transferees-Transfer of shares shall take place only after registration by Registrar of company-Order of Tribunal deleting the addition was affirmed. [Companies Act, 1956, S. 29]

S. 44AD : Presumptive basis-Civil construction-Best judgement-Books of account not audited-Estimation at 4% is held to be justified. [S. 44AB, 144]

S. 37(1) : Business expenditure-Legal entity-business of providing technological and personnel support to food processing and dairy industry-Deploy skillful personnel and after 7-7-2008-Expenditure allowable as revenue expenditure-Order of Tribunal is affirmed.

S. 37(1) : Business expenditure-Electricity charges-Allowable as deduction.

S. 32 : Depreciation-Earth moving vehicles-Business of hire-Entitle depreciation at 30%. [S. 263]