S. 68 : Cash credits-Purchase of site-Transaction has not materialized–Addition is held to be not justified.

S. 68 : Cash credits-Failure to prove creditworthiness of the creditor –Addition is held to be justified.

S. 68 : Cash credits-Identity and creditworthiness is established– Addition is held to be not justified.

S. 68 : Cash credits–Additional evidence–AO is given sufficient opportunity to examine the additional evidence–Deletion of addition s held to be justified. [S.151, R.46A]

S. 68 : Cash credits–Information from bank statements of creditors-Finding recorded on the basis of another creditor–Information not furnished to the assesee-Violation of principle of natural justice-Remanded to CIT(A) to decide the issue after obtaining the remand report from the AO. [R. 46A]

S. 68 : Cash credits–Share application money-Cash was deposited before issue of cheque-Genuineness of transaction is not established –Addition is held to be justified.

S. 56 : Income from other sources-Estimation of business income and also making separate addition as income form other sources – Held to be not valid. [S. 28 (i)]

S. 56 : Income from other sources-Deeming income from receipt of immovable property without consideration-Not applicable to a purchase transaction of immovable property prior to amendment for which full consideration is paid-Registration at a later date-Amended provision is not applicable. [S. 56(2)(viib)]

S. 54F : Capital gains-Investment in a residential house-Date of transfer of land was date of joint development agreement and on this date no flats owned by assessee-Bar does not apply. Acquisition of new residential house can be more than one-More than one unit of residential house eligible for exemption. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-No requirement that construction of house should have been completed within specified time-Matter remanded for verification. [S. 45]