S. 68 : Cash credits-Demonetization-Cash deposits-Sale proceeds-Sale proceeds offered to tax as revenue receipt-Addition would lead to double taxation-Addition is deleted. [S. 44AB, 115BBE]

S. 56 : Income from other sources-Retired professional cricketer received ex-gratia payment from BCCI-Capital or revenue-Matter remanded to ascertaining whether registration of BCCI was restored under section 12AA for relevant assessment year or not. [S. 4, 12AA, 28(iv), 56(2)(vii)]

S. 68 : Cash credits-Loan-Commission-Search and seizure-Bogus accommodation entries-Addition is held to be justified-Fictitious-Bogus entries-Rejection of books of account justified. [S. 132, 145, 153C]

S. 56 : Income from other sources-Share premium-Valuation of shares-Tentative balance sheet after audit by auditors, balance sheet audited subsequently would be sufficient compliance of provisions of rule 11U(b). [S. 56(2)(viib), R. 11UA]

S. 56 : Income from other sources-Allotment of shares at premium-Fair market value of shares-Neither Assessing Officer, nor Commissioner (Appeals) had determined fair market value of shares in accordance with rule 11UA-Matter remanded to the Commissioner (Appeals) to determine fair market value of shares by following any of prescribed methods. [S. 56(2)(viib), R. 11UA]

S. 56 : Income from other sources-Share premium-Valuation report-Apart from determination of FMV of shares under rule 11UA, intrinsic value is also one of prescribed method as per section 56(2)(viib)(a)(ii), but higher of valuation as per section 56(2)(viib)(a)(i) or (ii) has to be considered by Assessing Officer before applying those provisions Section 56(2)(viib) is applicable in year of issue of shares and not in year of receipt of premium. [S. 56(2)(viib), R. 11UA]

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase-Under construction building-Date of registration-If possession was taken within period of 2 years from sale of existing residential house, even if same was not purchased from sale proceeds of existing property entitle to exemption. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence Capital Gain Account Scheme-Entire sale consideration was invested for purchasing new residential flat and said investment was within stipulated time limit-Eligible to claim deduction. [S. 54(4), 54F, 139]

S. 56 : Income from other sources-Gift-Capital or revenue-Consideration-Suit properties-Sum received by for giving up his rights to contest will could not be said to have been received without consideration and hence, could not have been brought to tax-Sum received is capital receipt cannot be taxed as capital gains. [S. 4, 45, 56(2)(vii)(a)]

S. 54B : Capital gains-Land used for agricultural purposes-Purchase of land-Failure to purchase the land in her name-Not eligible to claim exemption. [S. 45]