S. 80IC : Special category States-Failure to allocate financial expenses-Assessee allocating on the basis of ratio 58. 67 %-The Assessing Officer computing 58.69%-Held to be justified.

S. 80IA : Industrial undertakings-Infrastructure development-Functional Test-Each unit must function independently-Matter remanded. [S. 80IA(4)(iii)]

S. 69 : Unexplained investments-Paintings-Price details and mode pf payment was disclosed-Gold jewellery, Diamond jewellery and Silver Utensils-Quantity less than threshold limit for wealth-tax-Deletion of addition is held to be justified. [S. 132]

S. 68 : Cash credits-Confirmation was filed-Identity, creditworthiness and genuineness of transaction was established-Addition was held to be not justified. [S. 133(6)]

S. 68 : Cash credits-No evidence was produced-Addition is held to be justified-Disallowance of agricultural income was also up held.

S. 68 : Cash credits-Books of account-Survey-Diary, notebook and data of deleted entries retrieved from computer central processing unit-Not books of account-Addition cannot be made without any corroborative evidence-Presumption u/s 292C is rebuttable. [S. 2(12A), 69, 69A, 69C, 133A, 292C]

S. 68 : Cash credits-Share capital and share premium-No cash was deposited-Sufficient bank balances-Need not to prove source of the source.

S. 54F : Capital gains-Investment in a residential house-Construction of residential house within three years-Completion of construction is not mandatory-Once construction started and amount invested the condition of section is fulfilled. [S. 45]

S. 54B : Capital gains-Land used for agricultural purposes-Directed to apply uniform rate while computing capital gains and grant relief. [S. 45, 55A, Art. 12]

S. 54 : Capital gains-Profit on sale of property used for residence-Investing part of sale proceeds-Unable to construct of house due to litigation-Entitled to deduction only to extent of amount used for purchase of site and not for balance. [S. 45]