S. 143(3) : Assessment – Profit on sale of property used for residence – Capital gains -Exemption was not claimed in the return however claimed under wrong section in the course of assessment -Merely because assessee claimed deduction under wrong provision of S. 54F assesses claim could not be disallowed if it was allowable under an appropriate provision-Entitle to exemption/s 54 of the Act . [ S.54 , 54F ]

S. 143(2) : Assessment – Notice – Notice issued after date of transfer was regarded as invalid notice – Assessment framed pursuant to illegal notice is held to be void ab initio .[ S.124, 127, 143(3) ]

S. 143(2) : Assessment – Notice – Notice issued after date of transfer was regarded as invalid notice – Assessment framed pursuant to illegal notice is held to be void ab initio .[ S.124, 127, 143(3) ]

S. 115JB : Book profit – Carrying forward of unabsorbed business losses for more than 8 years does not apply while computing adjusted book profits [ S.72 ]

S. 80G : Donation – Approval – Registration Immediate non -start of activity cannot be reason for denial of approval u/s 80G(5 ) of the Act -Matter remanded . [ S. 2(15) , 12AA, 80G(5)

S. 69B : Amounts of investments not fully disclosed in books of account –Family settlement – Contribution to family settlement by taking loan from bank – Addition is held to be not valid .

S. 69 :Unexplained investments – Immoveable property – Failure to produce evidence in respect of booking of flat – Addition is held to be justified . [ S.251 ]

S. 69 :Unexplained investments – Private discretionary trust – Beneficiary – Settlor – Beneficiary can be taxed only income component – Settlor has to explain the source of investments – Matter set aside – Penalty appeal also set aside .[ S.271(1) ( c) ]

S.68: Cash credits – Share capital – Creditworthiness of subscribers and genuiness of transactions were proved- Addition is held to be not justified .

S. 68 : Cash credits -Share capital – Companies never existed in given addresses- Fictitious and bogus companies- Addition is held to be justified . [ S. 153A , 153C ]