S. 68 : Cash credits-Share capital-Meagre income–Failure to establish from documentary evidence creditworthiness for making such huge investments and genuineness of transactions-Addition is held to be justified. [S. 133(6)]

S. 68 : Cash credits-Share premium-Share premium collected over and above premium worked out in Valuation Certificate submitted to RBI, in view of fact that as per Notification No. FEMA/203/2010-RB, dated 7-4-2010-There is no bar on collecting higher amount as share premium-Addition cannot be made– Amendment is applicable from the AY.2013-14- Even otherwise, the amendment will not apply to the investor which is a SEBI registered Venture Capital Fund.

S. 68 : Cash credits-Presumptive taxation-Non-maintenance of books of account-Addition cannot be made as cash credits. [S. 44AA(2)(iv)]

S. 68 : Cash credits-Loan–Depositors have filed affidavits, Bank statements, balance-sheets, Income-Tax Return Acknowledgements, Permanent Account Number Details, loan confirmation etc. – Burden discharged – Addition is held to be not justified.

S. 55A : Capital gains – Reference to valuation officer -Only where Assessing Officer of opinion that Valuation of Registered Valuer Less than fair market value of property—Amendment to S.55A is not retrospectively applicable.[S. 45]

S. 54F : Capital gains-Investment in a residential house-Not depositing unutilised amount of capital gains in capital gains Scheme Account by date of filing of return—Not entitled to exemption.[S. 45]

S. 54EC : Capital gains-Investment in bonds-Investment of Rs. 50 lakhs each in two different financial years within a period of six months from date of transfer of capital asset- Eligible for exemption. [S. 45]

S. 54EC : Capital gains-Investment in bonds-Chartered Accountant firm-Capital gains from sale of its client relationships and goodwill pertaining to its business of internal audit and risk consultancy (IARC) practice-Investment in specified bonds- Eligible to exemption. [S. 2(14), 28(va), 45, 55(2)(a)(ii)]

S. 54B : Capital gains – Land used for agricultural purposes–Land purchased in the name of assessee’s son–Exemption cannot be denied. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Investment of consideration for booking a semi-finished flat with a builder-Treated as construction of property and not purchase of property-Entitle to exemption. [S. 45]