S. 72 : Carry forward and set off of business losses – Dividend – where investments were business investments, carried forward business loss could be set off against dividend income earned from such business investment as even though dividend was classified under separate head, but same was very much part of income from business.[ S.56 ]

S. 69C : Unexplained expenditure -Search-Work in progress-Valuation report of site engineer higher than work -in- progress recorded in the books of account -Addition is held to be not valid [ S. 69A,132 ]

S. 69C : Unexplained expenditure – Survey- Undisclosed stock -When undisclosed purchases are discovered- Only profit embedded in transaction can be added as income .[ S. 4, 133A, 145 ]

S. 69B : Amounts of investments not fully disclosed in books of account –Survey- Suppression of sales – Sale suppression detected during survey was actual price for which liquor was sold, addition made on account of sale suppression is held to be justified .[ S.133A ]

S. 69B : Amounts of investments not fully disclosed in books of account – Survey -Merely on the basis of statement in the course of survey offering additional income -Addition is held to be not justified .[ S.133A ]

S. 68 : Cash credits -Deposit from dealers and agents – Merely because there was a permission granted under Companies Act to accept deposits from public, it did not necessarily follow that deposits shown by assessee were really those received from members of public or from agents- Matter remanded.

S. 68 : Cash credits -Shares -Unsecured loans – Assessee had discharged its onus of establishing identity, genuineness and creditworthiness of both investors as well as lenders- Deletion of addition is held to be justified .

S.45: Capital gains- Transfer- Development agreement not registered- General Power of attorney- Possession of property was given to the developer for specific purposes to develop the property- The development agreement clearly provides that nothing contained in the agreement shall be construed as grant of possession in part performance of the agreement under S. 2(47)(v), and 2(47)(vi) of the Act. Accordingly addition of Rs 55 crores as full value of consideration for computing the capital gains is rightly deleted by the Tribunal – Taxability will be examined in the year in which the transfer of land as stock in trade has taken place and also value at that point of time will be examined independently . [ S.2(47)(v), 2(47)(vi) 45(2) ]

S. 45: Capital gains- Individual or HUF- Sale deed was executed in individual capacity and PAN of the individual-Sale consideration was also not deposited in the HUF’ Bank account-Assessing the capital gains in the assessment of the assessee is held to be justified [ S.4 ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Commission or brokerage – Selling expenses which consisted of target incentives to distributors -Not liable to deduct tax at source- No disallowance can be made .[ S.194H ]