S. 68 : Cash credits-Long term capital gains-Accommodation entries-Penny stock-Purchase of shares of LDPL and MARL in off-market transactions-Inordinate delay in dematerialization of those shares-Transaction is not genuine-Addition is justified. [S.10(38). 45]

S. 68 : Cash credits-long-term capital gain-Sale of shares-Penny stock-Accommodation entries-Information from investigation Wing-Purchase in physical form-Decartelized-Purchase was made through Banking channels-Deletion of addition by CIT(A) is affirmed. [S. 10(38), 45]

S. 68: Cash credits-Cash deposited in the Bank-Demonetization period-Merely because assessee had deposited said sourced income in form of SBNs during demonetization, same could not be considered as unexplained cash credits.

S. 56 : Income from other sources-Valuation of shares-Valuation of shares of subsidiary company to determine FMV of holding company-DCF Method-Addition is deleted.[S.56(2)(viib), R.11UA(1)(c)(b)]

S. 56 : Income from other sources-Purchase of flat-Immovable property-Date of allotment-Value as on date of allotment had to be treated as stamp duty value for purpose of provision of section 56(2)(x)-At that time payment made was more than stamp duty value, no addition could be made.[S. 56(2)(x)]

S. 56 : Income from other sources-Agricultural income-Increasing the expenditure on estimate basis-Addition is deleted.[S.10(1)]

S. 54G : Capital gains-Shifting of industrial undertaking from urban area-Firm-Partner-Partner in partnership firm-New investment in partnership firm-Eligible for exemption. [S. 45, Wealth-tax Act, 1957, S. 5(1)(iv)]

S. 54F : Capital gains-Investment in a residential house-Purchase of residential plot for construction of house-Exemption can not be denied on ground of technical constraint that no permission was granted by ADDA to transfer land in name of assessee till date of investment-Income from other sources-Value of land-Difference in value of land given by DVO and value of land mentioned by assessee in transfer deed was less than 5 per cent, no addition was warranted on account of differential amount between value of land given by DVO and value of land. [S. 45, 56(2)(viib)]

S. 54 : Capital gains-Profit on sale of property used for residence-Sale deed refers possession of property was taken on 31-3-2015-With within period of one year before date of sale of original asset-Covenants in sale deed executed and registered were conclusive in absence of any evidence to contrary-Entitled for deduction.[S.54F]

S. 54 : Capital gains-Profit on sale of property used for residence-Cost of improvement-Expenditure incurred for habitable-Proper electrification, water facilities, wood work, glass work, etc-Allowable as deduction. [S. 45, 48]