S. 69: Unexplained investments-Natural justice-Addition made by the A.O. without furnishing the details of information received from CBEC was set aside-Matter was remanded with a direction to provide such details and grant sufficient time and opportunity of personal hearing to the assessee. [S.69A, 143(3), 144B, Art.226]

S. 68: Cash credits-Share application money-Failing to establish genuineness and creditworthiness-Addition sustained. [S. 260A]

S.54F: Capital gains-Investment in a residential house-No prohibition for using borrowed funds for construction, which would be later settled using sale consideration deposited in the Capital Gains Account Scheme; however, this should be demonstrated with materials to the concerned tax authority.[S. 45, Art. 226]

S. 54EC: Capital gains-Investment in specified bonds-Investment made before sale of property-Exemption restricted to capital gain available on date of investment. [S. 45, 260A]

S. 45 : Capital gains: Computation-Sale consideration-Assessing Officer entitled to substitute actual consideration for consideration stated in sale deed when supported by evidence.[S.48, 260A]

S.43B: Deductions on actual payment-Explanation 5 to S. 43B, which was inserted by Finance Act, 2021 with effect from 1-4-2021 is clarificatory in nature and would apply retrospectively-Due date fell on a date which was a National Holiday, i.e., 15-8-2018, deposit could have been made by assessee only on date which followed National Holiday, i.e., 16-8-2018-the amount deposited on 16-8-2018 was to be allowed as deduction to assessee.[S. 36(i)(va), 139(1), 143(1(a)]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Contractors-Payments were not linked to actual expenses supported by bills and constituted contractual payments attracting TDS under section 194C-Disallowance under section 40(a)(ia) was justified. [S.194C]

S. 10(10AA): Leave salary-Employee of the Central Government or State Government-Leave encashment-Employees of BSNL absorbed from Central Government service-Retirement to be treated as retirement from Central Government service-Exemption allowable. [CCS (Pension) Rules, 1972, Rule 37A(4), (8), Art. 226]

S. 4: Charge of income-tax-Agricultural income-Tea cultivation-Applicability of amended provision-The law applicable is the law in force in the relevant assessment year unless the amendment is retrospective. [Assam Agricultural Income-tax (Amendment) Act, 2009, S. 8B]

S.2(14)(iii): Capital asset-Agricultural land-Capital gains-Land situated beyond 8 kms. from municipality-Agricultural land excluded from the definition of capital asset. [S. 45, 260A]