S.92C: Transfer pricing – Reference to Transfer Pricing Officer —No Transfer pricing adjustment of more than Rs. 10 Crores for an earlier year – Reference invalid and consequential Transfer pricing adjustment invalid [ S.92CA ]

S. 80P : Co-operative societies – Registered under Karnataka Souharda Sahakari Act, 1997 —Entitled to deduction [ S.2(19) 80P(2), Karnataka State Sahakari Souharda Act, 1997 ]

S. 80P : Co-operative societies – Contract works – Income earned from labour construction works — Entitled to deduction [ S. 80P(2)(A)(vi), Form 26AS ]

S. 80P : Co-operative societies -Interest earned from Scheduled Bank — Not deductible — Net interest from deposits with Scheduled Bank to be excluded-Interest from Co-Operative Bank Or Society — Deductible -Receipt from its members towards form fee —Deductible-Standard deduction — Allowable. [ S.80P(2)(a)(i), 80P(2)( c) , 80P(2)(d) ]

S. 80JJAA : Employment of new workmen –Provisions as existing before 1-4-2016 applicable to earlier years

S. 69 :Unexplained investments -Undisclosed cash — Money changer -Information from police -—No defect in books of account – Addition on basis of suspicion and surmises – Held to be not justified. [ S.133A ]

S. 68 : Cash credits – Unsecured loans —Identity ,creditworthiness and genuineness of transaction established – Need not prove source of source – Addition is held to be not justified .

S. 68 : Cash credits – Loans from directors or relatives – Permanent Account Number Details, Bank Statements, Confirmations And Copies Of Income-Tax Returns Of Lenders were furnished – No cash was deposited before issue of cheque – Addition is held to be not valid .

S. 50C : Capital gains – Full value of consideration – Stamp valuation Assessing Officer to get valuation done through District Valuation Officer-Matter remanded [ S. 45 ,50C(2) ]

S.45(5A): Capital gains- Joint development agreement -Area-Sharing agreement — Land owner required to pay tax on capital gains at time of entering into development agreement and giving possession of land to developer for construction — Consideration to landlord would be cost of construction to developer [ S.45 ]