S. 69C : Unexplained expenditure-Purchase of raw material-purported excess money had been received back-Deletion of addition is held to be valid.

S. 69A : Unexplained money-Search-Jewellery to extent stated in CBDT Instruction No. 1916, dated 11-5-1996 stands explained. [S. 132]

S. 68 : Cash credits-Cash deposit in bank-Reflected in cash book and tallied with sales register-Addition cannot be made as cash credits [S. 145]

S. 68 : Cash credits-Share application money-Share premium-Identity, creditworthiness and genuineness of share applicants were established-Addition is held to be not justified.

S. 56 : Income from other sources-Stamp valuation-Objection raised first time before CIT(A)-Valuation of property-Power of CIT(A) is coterminous powers with Assessing Officer, matter should have been referred for valuation to Departmental Valuation Officer-Matter remanded to the file of CIT(A) with the direction to refer the matter to Departmental Valuation Officer (DVO). [S. 45, 55A, 56(2)(ii)(b)]

S. 54F : Capital gains-Investment in a residential house-Possession was not taken-Unfit for habitation-Owner of more than one house-Not eligible to claim deduction. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Possession of flat was taken within period of two years from date of transfer of original asset-Entitled for benefit. [S. 45]

S. 54B : Capital gains-Land used for agricultural purposes-Purchase of new agricultural land prior to due date of filing return-Entitle to exemption. [S. 45, 139(1)]

S. 54 : Capital gains-Profit on sale of property used for residence-Capital gains not utilised within period of three years-Chargeable ro capital gain year in which period of 3 years from date of transfer of original asset expires. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Substantially complied with provisions-Some delay in depositing amount in CGAS-Denial of exemption is held to be not justified. [S.45, 139(1)]