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 ]

S. 45(3) : Capital gains – Transfer of capital asset to firm –Capital contribution —Amount recorded in books of account of firm deemed to be full value of consideration — Deeming fiction provided in S. 50C cannot be extended to compute full value — One deeming section cannot be extended by importing another deeming section [ S.45, 48 50C]

S.45: Capital gains — Long-term capital gains —Allotment letter – – Subsequent letter and premises ownership agreement — Improvement in rights which already created — Date of acquisition of right not date of registration but date of allotment letter — Holding of property more than 36 months — Assessable as long term capital gains – Entitled to Indexation benefit —Entitled to exemption on reinvestment in new flat [ S. 2(42A),54 , 54F ]

S. 45 : Capital gains – Long-term capital gains — Transfer of land — Fair market value —As on 1-4 1981 was directed to be adopted .

S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits – General remark that payment made in cash due to business exigencies is held to be not acceptable.[ R.6DD ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Professional fees-Recipient paying tax on payment made – Disallowance is held to be not justified .