S.37(1): Business expenditure —Method of accounting – Accrual of income – Real income- Provision for revision of pay by Government committee —Liability is not contingent — Provision is held to be deductible. [ S.145 ]

S.37(1): Business expenditure — Payment to consultant – Statement made in the course of search was retracted – Disallowance is held to be not justified .[ S.132(4) ]

S. 11 : Property held for charitable purposes – Imparting spiritual education through lectures and congregation and on television channels – Established a temple to Hindu gods and goddesses for the general public [ S.2(15) 12A. 13(1)(c) (ii) ]

S. 68 : Cash credits – Capital gains- Penny stocks – Transactions were genuine and duly supported by various documentary evidences- Opportunity of cross examination was not provided – The AO has not discharged the onus of controverting the documentary evidences furnished by the assessee and by bringing on record any cogent material to sustain the addition- Addition as cash credit and addition of 2% as commission was deleted – Assessed as long term capital gains and exemption is allowed [ S.10(38) 45 , 69 ]

S. 45 :Capital gains – Accrual -Protective assessment – Rule of consistency – Department not bound by rule of consistency – Lease- Completion of transfer with vesting of land in the Government essentially correlates with taking over of possession of the land under acquisition by the Government- However, where possession is taken over before arriving of the relevant stage for such taking over, capital gains shall be deemed to have accrued upon arrival of the relevant stage and not before.- To be more specific, in such cases, capital gains shall be deemed to have accrued: (a) upon making of the award, in the case of ordinary acquisition referable to Section 16; and (b) after expiration of fifteen days from the publication of the notice mentioned in Section 9 (1), in the case of urgency acquisition under Section 17 [ Land Acquisition Act, 1984 , S ,4,6 ,16 ,17,Transfer of Property Act, 1882, . 108(q), 111(a), 116 ]