S. 68 : Cash credits-Share Capital—Survey – Bogus accommodation bills to various concerns including assessee and its sister companies—PAN no – Affidavit of investors- Acknowledgement of filing of return -Deletion of addition by the Tribunal is held to be justified.

S. 68 : Cash credits – Share capital- Most of the address of share holders are identical-They could not be traced despite issue of notice u/s 131 of the Act –Affidavits are similarly worded- .Addition is held to be justified. [S. 131]

S. 45 : Capital gains–Long term capital gains-Firm-Retirement- Amount received by retiring partner as good will is held to be not taxable as capital gains.

S. 36(1)(ii) : Bonus or commission- Directors and employees- payment of bonus was part of employment agreement and it was a performance based payment—Allowable as deduction.

S. 11 : Property held for charitable purposes-CIT(A) can set aside an assessment order, if AO fails to comply the direction of CIT(A) in an earlier order while granting relief to the assesse. [S. 11(5) 13(1)(d), 250]

S. 10A : Free trade zone–Total turnover–Export turn over– Deductions on freight, telecommunication and insurance attributable to delivery of computer software are to be allowed from total turnover-Eligible for exemption export should earn foreign exchange, it does not mean that undertaking should personally export goods manufactured /software developed by it outside Country.

S. 10(10C) : Public sector companies-Voluntary retirement scheme –Employee of ICICI Bank –Entitle to exemption.

S. 4 :Charge of income-tax –Non –compete fee-Held to be capital receipt .

S. 3 : Prohibiton of benami transaction-Payment of advance salary by employer to its employee to defeat purpose of demonetisation didn’t come under purview of Benami Transaction. [S.24, 46 ]

S. 3 : Prohibiton of benami transaction-Notice and attachment of property involved in benami transaction–Advance salary-existence of ‘benami’ transaction has to be proved by authorities i.e. person who allege transaction Authority had purely gone on premise that cash was transferred from one person to another, with an object to defeat, demonetization, which was insufficient to establish a ‘benami’ transaction–Order of attachment was directed to be released forth with.[S. 24]