S. 271(1)(c) : Penalty concealment-Disallowance of expenditure- Exempt income–mere disallowance of expenditure cannot be held to be furnishing inaccurate particulars of income–Deletion of penalty is held to be justified. [S. 14A, R.8D]

S. 249 : Appeal-Commissioner (Appeals)-Form of appeal and limitation-Delay of 231 days- Affidavit was filed explaining the delay -Revenue has not disputed the correctness of the affidavit–Delay was condoned–Matter remanded to Tribunal to decide on merits.

S. 245D : Settlement Commission-Unexplained money–Application for Offering the Income of Rs. 27.05 crores–Accepted at Rs.30 crores-Order of settlement commission is held to be valid. [S. 69C, 153A, 245C]

S. 244A : Refund–Interest on refunds–Entitle to interest on refund of excess self assessment tax paid.

S. 226 : Collection and recovery–Stay–Pendency of appeal before CIT(A)- Directed to deposit only 1% of tax demanded during pendency of appellate Proceedings. [S. 68, 250]

S. 69 : Unexplained investments–Undisclosed sales of flats -Sale proceeds never came in to possession of the assessee-Deletion of addition is held to be justified.

S. 68 : Cash credits -Share capital–Documents were not produced– Addition is held to be justified.

S. 68 : Cash credits–Share application money–AO has not conducted any enquiry–Addition on surmises is held to be not justified.

S. 68 : Cash credits–Un explained cas h sales of Rs .3.12 crores only one month–Not explained satisfactorily–Addition is held to be justified.

S. 68 : Cash credits–Trade advances-Adjusted against sales made in subsequent years-Deletion of addition is held to be justified.