S. 69C : Unexplained expenditure–Bogus purchases-Alleged use of five credit cards by friends–In response to summons the friends refused use of cards–Addition is held to be justified. [S. 131]

S. 69C : Unexplained expenditure–Bogus purchases-Tribunal is justified in restricting addition on account of alleged bogus purchases to 25 per cent.

S. 69B : Amounts of investments not fully disclosed in books of account–Addition cannot be made merely on the basis of stamp valuation adopted by Stamp authority. [S. 45, 50C]

S. 69A : Unexplained money–Purchase and sale of gold on behalf of other parties-Identity of purchasers was not established– Addition on estimate basis of 3.5% of turnover is held to be justified as against 1% disclosed by the appellant.

S. 68 : Cash credits–Share application money-Income tax returns, balance sheet, confirmations were produced-Deletion of addition is held to be justified. [S. 131]

S. 56 : Income from other sources–Issue of shares at premium-Fair market value of shares-AO has to undertake exercise of determining fair market value of shares-Matter remanded. [S. 56 (2)(viib), 119]

S. 45 : Capital gains–Business income-Sale of shares-Shares settled by settlor – Shares received by way of Employee Stock Option Plan-Assessable as capital gains and not as business income-Entitle to exemption. [S. 10(38), 28(i)]

S. 40A(2) : Expenses or payments not deductible–Excessive or unreasonable-TV broadcasting right of cricket match-Cancellation of one match and addition of another match-Addition of price difference in broadcasting rights of matches cannot be made.

S. 37(1) : Business expenditure–Capital or revenue-Fixing of MS sliding gates, different pipes for sprinkler system in main ground, excavation of soil, purchasing of LED replay screen, electric materials etc., for upgrading stadium in accordance with ICC Standards, is revenue in nature.

S. 37(1) : Business expenditure–Commencement of business– Service sector–Preliminary steps, such as engaging in negotiation or employment of personnel, could be regarded as an activity of commencement of business–Expenditure is held to be allowable.