S.68: Cash credits – Loan received through proper banking channel — Addition is held to be not justified .

S. 68 : Cash credits – Share Premium — Additional evidence – Assessing Officer was not given sufficient time – Matter remanded [ S.133 (6) R.46A ]

S.56: Income from other sources – Large share premium —Unquoted Equity Shares Discounted Free Cash Flow Method – Addition is not sustainable [ S. 56(2)(viib), R.11UA ] S.56: Income from other sources – Large share premium —Unquoted Equity Shares Discounted Free Cash Flow Method – Addition is not sustainable [ S. 56(2)(viib), R.11UA ]

S.54F : Capital gains- Investment in a residential house -No clarity as regards date of utilisation of amounts and when assessee incurred expenditure for registration of property — Matter remanded to Assessing Officer for examination [ S.45 ]

S. 54 : Capital gains – Profit on sale of property used for residence – All flats received from builder under joint development agreement situated in same premises —Entitled to exemption on entire built-up area received [ S. 2(47)(v), 45, 54F ]

S.48 : Capital Gains — Computation – Cost of acquisition — Shares — Interest on investment disallowed will be part of cost of acquisition of shares for determining profit on sale of shares [ S.45, 57 ]

S. 40A(2): Expenses or payments not deductible – Excessive or unreasonable – Rent paid to daughter of managing Director- Matter remanded to the Assessing Officer [ S.40A(2)(b) ]

S. 40A(2): Expenses or payments not deductible – Excessive or unreasonable -775 Per Cent. increase in remuneration to Directors —Assessing Officer not pointing out comparables to demonstrate that salary paid to directors was excessive — No evasion of tax – CBDT circular No. 6-P dated July 6, 1968 is binding – No disallowance can be made [ S.40A(2)(b) ]

S.37(1):Business expenditure —Proportionate drop in vehicle maintenance account in profit and loss statement — Addition not tenable.

S. 36(1)(iii) :Interest on borrowed capital -Borrowed funds used for investment in shares for business purposes —Allowable as deduction [ S.37 (1) ]