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]

S. 3 : Prohibiton of benami transaction – Loan repaid in cash – The existence of the ‘benami’ transaction has to be proved by the authorities, i.e., the person who alleges the transaction-The authorities have failed to discharge the burden of proof- The authority has purely gone on the premise that cash is transferred from one person to another, with an object to defeat, demonetization. This is insufficient to establish a ‘benami’ transaction. [S. 24]

S. 271(1)(c) : Penalty–Concealment-Claimed deduction in respect of payments made to employees under VRS Scheme–Levy of penalty is held to be not justified.[S. 35DDA, 37(1)]

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.