S. 54 : Capital gains – Profit on sale of property used for residence –Unregistered document-Though an unregistered agreement to sell does not entitle the parties to seek part performance u/s. 53A of the Transfer of Property Act, 1882, it can be a basis for a suit for specific performance in view of S. 49 of the Registration Act. Consequently, even an unregistered agreement creates a right in favour of the buyer and constitutes a “transfer” of the old property u/s 2(47) for purposes of determining whether the purchase of the new property is within one year of the date of “transfer” of the old property [ S. 2(47) ,45 , Transfer of Property Act, 1882,S,53A, Registration Act ,1908,17(1)(a), 49 ]

S. 4 :Charge of income-tax – Accrual of income- Method of accounting -Gain arising on account of securitization of lease receivables and credited to the Profit & Loss Account is a taxable receipt in the year of securitisation. [ S.145 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –Rental income whether assessable as property income or business income -No findings had been rendered by the Commissioner that the Assessing Officer had made an incorrect assessment of facts or incorrect application of law –Revision is held to be not valid .[ S.22, 28(i) ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –Development agreement- Transfer and right to possession of developer does not arise prior to completion of construction and apportionment effected- Quantum of depreciation based on facts -Revision was held to be not valid . [ S. 2(47(v), 32, 45, Transfer of Property Act, 1953 S. 53A ]

S. 153 : Assessment –Limitation – When seven issues were before Tribunal, Tribunal remanding of only five issues- Time Limit specified in S.153(2A) is applicable not S.153 (3)(ii)of the Act-Order is held to be not valid .[ S. 153(2A), 153(3)(ii) ]

S.147: Reassessment —Reassessment notice issued would remain in operation unless it is specifically withdrawn, quashed or gets time barred Subsequently- Subsequently Assessing Officer desired to withdraw of notice without issuing any formal withdrawal of notice — The law does not recognise two parallel assessments- In the absence of withdrawal of the first notice of reassessment, the proceedings would survive -Second notice of Reassessment is held to be not valid.[ S.148 ]

S.69: Unexplained Investments — Unexplained Cash — Construction of building –Withdrawal from bank and redeposit-Explanation was not satisfactory- Addition as unexplained investments is held to be justified .[ S.69A ]

S. 68 : Cash credits -Receipt towards payment for Contract cannot be assessed as unexplained cash-simply because notices could not be served upon the sub-contractor, the transactions could not be held non-genuine .

S. 68 : Cash credits – Share application money – Persons of insignificant means — Neither the creditworthiness of the creditors nor the genuineness of the transaction stood explained- Order of Tribunal up holding addition is confirmed .

S. 54 : Capital gains – Profit on sale of property used for residence -Construction of residential house – Cost of land is also form cost of residential house –Not necessary that same money from sale of residential asset must be used .[S. 45 ]