S.68: Cash credits – Gift received by son- Source of cash deposits were explained – Addition cannot be made on the suspicion that source of source is doubtful.

S. 68 : Cash credits – Firm -Partner- Capital brought in by partner – Agricultural income -Addition cannot be made in the assessment of the firm . [ S.2(31) (iv) ]

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Addition cannot be made without referring the matter to DVO- Power of Attorney holder does not became the owner of property on signing the sale deed in the capacity as constituted attorney [ S.45 ]

S. 45(2) : Capital gains – Conversion of a capital asset in to stock-in-trade – Asset received under family arrangement treated as stock in trade – Addition cannot be made as capital gains. [ S.2(14), 49(1)]

S.45: Capital gains – Development rights – Business assets -Accrual of income – Provisions of Section 2(47) r.w.s 53A of the Transfer of property Act 1882 are not applicable to transfer of development rights held by assessee as business assets [ S. 2(47)(v),44AD, 145 , Transfer of Property Act , 1882 , S.53A]

S.45: Capital gains- Reduction in share capital- Compensation received by an existing partner on reduction of his share in the partnership firm is not liable gains tax [ S. 2(47), 4, 45(1) , 45(4)

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Waiver of loan is neither taxable u/s 41(1) nor u/s 28(v ) of the Act .[ S.28 (v) ]

S. 37(1) : Business expenditure – Capital or revenue- Repair and renovation of leased premises – Revenue expenditure – Power of CIT (A) – Cannot travel beyond the direction of the ITAT order [ S.250, 254(1)]

S. 37(1) : Business expenditure – One time payment of annual lease rent is held to be allowable as revenue expenditure

S. 36(1)(viii) : Eligible business – Business of providing long term finance for construction or purchase of houses in India – AO is directed to examine the issue [ S.254(1)