S. 80P: Deductions – Income of co-operative societies (Credit Societies) – interest earned on short term deposits eligible for deduction .[ S. 80P (2) (d)]

S. 80P: Co-operative societies – Deposit only from Members – Determination based on Charter documents – Not based on mere admission – Deduction allowable.[ S.80P(2)(a)(i), 269SS, 271D]

S. 68: Unexplained cash credit-Not providing an opportunity to cross examine the witness-violation of principles of natural justice-when all the requisite documents and information is provided by the assesse onus shifts to the Revenue to cross verify the details furnish-otherwise no addition can be made [ S. 132, 147 , 148 ]

S.68 : Cash credit -Share capital- Manipulated accounts by way of bogus/fictitious entries, transactions did not involve actual cash inflow, it was unrealizable for assessee to discharge onus of establishing identity and creditworthiness of parties and genuineness of transaction, addition cannot be made as cash credits – maxim is “Lex non cogitadimpossibilia” – theory of impossibility of performance applied – Addition was deleted .

S. 54F : Capital gains – Investment in a residential house – Joint Ownership cannot come in way of claiming exemption [ S.45 ]

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Addition cannot be made under section 50C on the transfer of leasehold rights in land or building.[ S.45 ]

S. 50C: Capital gains – Full value of consideration – Stamp valuation – Sale Consideration – Third proviso- Retrospective- Difference between the stated consideration vis -a -vis stamp duty valuation is less than 10 % of the stated consideration , section 50C is not applicable . [ S.45 ]

S. 45: Capital gains – Transfer – Development agreement -No real development took place till date – Matter restored to AO to decide the capital gains after verifying whether the possession is taken back by the assessee or not and the assessee cancelled the development agreement or not.[ S.2(47) (v)]

S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits – purchase of lands from farmers – Disallowance deleted. [ R.6DD]

S. 40(a)(ii) : Amounts not deductible – Rates or tax – Business expenditure – deduction for foreign taxes paid allowed while computing its income, to the extent that such tax was not entitled to the benefit of section 91 of the Act.[ S.37 (1), 91 ]