S. 68: Cash credits — Gifts – Creditworthiness of donors was proved – Deletion of addition was held to be justified – Finding of fact [ S. 69A ]

S. 68:Cash credits — Gift — Failure to produce evidence of credit worthiness and genuineness of gifts addition as unexplained deposits was held to be justified .

S. 68: Cash credits –Not required to explain source of source -Confirmation letters , affidavits PAN no was filed, deletion of addition was held to be justified .

S. 56 : Income from other sources – Amount received at the time of retirement from partnership firm after surrendering her right, title and interest, same was said to be received for consideration and, thus, same could not be taxable in hands of the assessee , as capital gains or income from other sources . [ S. 2(47)(i) , 2(47)(ii), 4,45 , 56(2)(vi) ]

S.56: Income from other sources- Interest income on fixed deposit is held to be assessable as income from other sources [ S.28(i) ]

S. 56 : Income from other sources – Redeemable non-cumulative preference shares (RNCPS) cannot be excluded from ambit of section 56(2)(viib)- In case of issue of redeemable non-cumulative preference shares (RNCPS) at premium, conclusion of valuer that 10 per cent discount factor was appropriate, was to be upheld as it was based on proper comparable for bench marking [ S.56(2)(viib), Rule 11UA(c)(c), ]

S.56: Income from other sources- Agricultural income –Consideration was not shown to avoid payment of stamp duty-Consideration was held to be assessable as income from other sources and not as agricultural income, however levy of concealment penalty was held to be not justified [ S. 271(1) (c ) ]

S. 56: Income from other sources –Relative – Hindu Undivided Family (HUF)- Gift by the mother of the Karta of the HUF, to the HUF is liable to be taxed as the mother can not be considered as member of HUF – Revision was held to be justified – Assessee was directed to produce valuation report as per rule 11UA . [ S. 2(31 ), 56(2)(vii) ,263 ]

S. 56 : Income from other sources -Under valuation of shares -The “fair market value” of shares acquired has to be determined by the taking the book values of the underlying assets and not their market values [S. 56(2)(viia) R.11UA ]

S. 55 : Capital gains – Cost of improvement – Cost of acquisition – Approved valuer’s report itself is a piece of evidence and Act does not require that opinion of approved valuer should have been supported with further evidence in shape of circle rate or exemplar sale deeds etc, value as on 1-4-1981 on the basis of approved valuer was held to be valid [ S. 45, 55(2)(b)(ii) ]