S.45: Capital gains – Suspicious transaction in shares- Penny stocks
-Copies of the physical share certificates DEMAT account statement confirmation of the transactions of buying and selling of the said shares by the respective stock brokers, receipt of sale proceeds through banking channels, etc- Addition cannot be made as cash credits [ S.68 ]

S.45: Capital gains – Suspicious transaction in shares- Penny stocks- Chain of transactions have been proved by evidence such as contract notes, DEMAT account , and payments through banking channel-Addition cannot be made as cash credits .[ S. 68 ]

S.45: Capital gains- Suspicious transaction in shares- Penny stocks- Sale through Ahmedabad Stock exchange – Statement of Mukesh Choksi relied without furnishing the same to the assessee- Addition is held to be not valid

S.45: Capital gains- Suspicious transaction in shares- Penny stocks- Purchases of earlier years were not doubted – Shares were sold through DEMAT account- Addition cannot be made as cash credits- Burden is on revenue .[ S.68 ]

S.69: Unexplained investments- AIR information- Firm purchasing the land in the name of partner – Addition cannot be made in the hands of the partner on the ground that PAN of partner is shown in the registration deed .

S.69: Unexplained investments- AIR information- Professional income shown by the assessee was exceeded the figure shown in the AIR information -Second owner- When the identity of first owner is established and assessed to tax – Addition cannot be made merely on the basis of AIR information.

Income Declaration Scheme, 2016 – Finance Act, 2016
S. 183 : Refund of tax- Adjustment of tax paid under the schme against tax payable on regular assessment -Tax in respect of voluntarily disclosed income not refundable –Application was rejected on the ground that notice u/s 143(2) was already issued – Revenue was to be directed to adjust amount which had been deposited by assessee for the tax liability for the Asst year 2014-15 . [ S.191 ]

S. 281 : Certain transfers to be void – Property under attachment – Alternative remedy -Purchase of property is held to be void- If petitioner’s claim was that property was not liable for such attachment, then she had to make a claim before Tax Recovery Officer – Writ is not maintainable .[ Sch. II , R. 11, Art .226 ]

S. 261 : Appeal – Supreme Court –Strictures – Delay of 596 days- Misleading statement about pendency of similar appeal- Petition was dismissed – Awarded cost of Rs 10 lakhs to be paid to the Supreme Court Legal Services Committee .

S. 260A : Appeal – High Court – Issue not raised before Tribunal, could not be allowed to be urged before High Court in appeal- However, only an issue of jurisdiction would be allowed, even if same was not raised before Tribunal – Disallowance of expenditure in respect of strategic investment- Alternative claim was raised before the Court was that disallowance cannot be in excess of total exempt income – As the alternative claim was not raised before the Tribunal the High Court declined to entertain the claim [S.14A,254(1), R.8D ]