S. 69 : Unexplained investments–HSBC in Switzerland-No addition in the absence of incriminating material found in the course of search. [S. 132, 153A]

S. 68 : Cash credits-Search and Seizure–Sale of property–Identity of the Purchaser-No incriminating material–Found during a search –Genuineness of transaction–No Cash credit–The settlement commission rejected the application–Merely on the basis of application before the Settlement commission–Addition cannot be made. [S. 153C, 245C(1)]

S. 68 : Cash Credit–Share application money–Burden of Proof-Identity, Creditworthiness and Genuineness of the Transactions on the Assessee–Mere submission of details not sufficient–Failed to discharge the burden–Addition is held to be justified-Bogus Purchases-Assessee failed to produced parties–Notice returned unserved–No documentation–Transportation and consumption– Addition is held to be justified. [S. 69]

S. 68 Cash Credits–Share Application money–Identity and Creditworthiness of the share applicant-Genuineness of the transactions-Burden of Proof–Initial onus on assessee– Discharged-Onus shift to Revenue–Addition based on suspicion is held to be invalid.

S. 68 : Cash credits-Cash deposits-Demonetization-AO acting unreasonably and capriciously in rejecting genuine explanations offered by assessee in respect of cash deposits as unsatisfactory-Additions is unsustainable. [S. 115BBE]

S. 56 : Income from other sources–Share premium-Valuation of shares-Fair Market Value–Valuation considers various factors and not only balance sheet–Rejection of evidence is held to be not valid. [S. 56(2)(viib), R11UA]

S. 56 : Income from other sources-Issue of shares at premium-Provisions require the value of assets to be at FMV regardless of the book entries–Valuation of share premium on issue of unquoted equity shares by closely held company basis such FMV justified. [S. 56(2)(viib)]

S. 54F : Capital Gain–Hindu Undivided Family (HUF)-Property purchased in the name of individual for convenience–Part of the common pool–Protected assessment attains finality-Same income cannot be taxed twice again.

S. 54F : Capital gains-Investment in a residential house-Assessee Incurring Expenditure within stipulated period and constructing house incurring cost of construction-Rejection of claim without enquiry to verify actual cost of construction and period of construction of house is not justified. [S. 45]

S. 54F : Capital gains-Investment in a residential house– Deduction under 54 and 54F can be claimed on the sale of one property. [S. 45, 54]