S. 68 : Cash credits-Closing balance of preceding years-Cannot be added as cash credits.

S. 68 : Cash credits-Share Capital-Share premium-Explained the source and capacity-Addition is not valid-Assessment jurisdiction-Issue of jurisdiction was not raised within stipulated time-Assessment is valid.[S. 124(3), 142(1) 143(2), 143(3)]

S. 68 : Cash credits-Time deposit-Unexplained advances-Identity of recipient and source of funds made through banking channel established-Proceeds subject to capital gains-Deletion of addition is affirmed. [S. 45]

S. 56 : Income from other sources-Interest-Manual register with details of loan is seized in search-Addition cannot be made on basis of presumption-Rental income is offered to tax-Addition is deleted. [S. 69, 132(4A). [S. 69A, 69C, 131(IA), 132, 132(4A), 153C]

S. 44BB : Mineral oils-Computation-Presumptive tax-Gross receipts-Circular No. 1 of 2014, dt. 13-1-2014(2014) 360 ITR 53 (St) Circular No. 4 of 2008, dt. 28-4-2008 (2008) 300 ITR 92 (St)

S. 44AD : Presumptive basis-Unexplained money-Cash deposits Demonetisation-Cash deposits to be treated as part of gross turnover-Assessing Officer is directed to take only 8 Per Cent. of alleged gross turnover-Addition under section 69A is deleted-When the income is determined on estimate basis, bank transactions could not be segregated merely because deposits were made during the demonetisation period. [S.69A, 147, 148]

S. 44AD : Presumptive basis-Transportation of goods-Difference in Form No 26AS and return of income-Net profit rate of 8. 24 Per Cent declared in return is directed to be accepted. [S.44AB]

S. 44AD : Presumptive basis-Cash credits-Unexplained money-Books of account not maintained-Cash deposits and withdrawals-Telescoping is applicable-Addition is deleted-Delay of 33 days in filing of an appeal is condoned. [S. 68]

S. 44AD : Presumptive basis-Trading business-Order of CIT(A) estimate of profit based on earlier year is held to be justified.[S. 132, 153A]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors-Summons issued through Inspector is unserved-No party existing at address provided-Confirmation filed-Amounts shown as outstanding in the balance sheet-Addition is deleted. [S.133(6)]