S. 237 : Refunds -Interest on refunds—Public money – Technical issues at the Centralized Processing Center (CPC) – The High Court reprimanded the Department, stating that the interest is payable in law until the date of refund, and the Department failed to realise that it is the public money used to pay interest, which is a burden on the exchequer- A copy of the Order was asked to be sent to the Office of Honourable Prime minster , The Hon’ble Finance Minister GOI, The Hon’ble Law Minister, the Central Board of Direct Taxes and to the Attorney General for India for information and necessary action.[ S. 244A , Art. 226 ]

S. 68 : Cash credits-Income from undisclosed source-Cash deposited in the bank account-Claim that cash deposited was out of cash withdrawals-No document to substantiate claim-Link not established-Addition is justified.[S.69]

S. 68 : Cash credits-Burden of proof-Share Application money and share premium-Availability of sufficient funds-Statements of directors recorded, confirmed decision of the board to invest in assessee-Burden of proof of assessee to prove identity and creditworthiness discharged-A.O not making any inquiry or finding any discrepancy in evidence-Proviso requiring assessee to prove source of credits not applicable-Additions are not justified.

S. 68 : Cash credits-On money received for sale of units in housing projects-Improbable to make profits upto 50%-Properties sold not high end-On money element added at 50% of booked price very high-Additions to be restricted to 15%.-Order to be not treated as precedent.[S. 153C]

S. 68 : Cash credits-Burden of proof-Receipts of sums of deposits, receipts of sums refunded furnished by the assessee-Details not untrue-Burden discharged-Additions is not justified. [S.292C]

S. 68: Cash credits-Assessee filed confirmation of parties and repayment-Matter Remanded for fresh adjudication.

S. 68 : Cash credits-Unsecured loan-Proved identity, genuineness and creditworthiness of the loan transactions-Order of CIT(A) deleting the addition is affirmed.

S. 60 : Transfer of income where there is no transfer of assets-Revocable transfer-Reduction of share capital and subsequently, conversion of FCD into equity shares-Written off its investment in its Profit and Loss account-There is no generation of income in the transaction of reduction in share capital and conversion of FCDs into shares-Addition is deleted.[S. 63]

S. 57 : Income from other sources-Deductions-Interest earned on fixed deposit-Nexus between expenditure incurred and the income earned [S.56,57(iii)]

S. 57 : Income from other sources-Deductions-Compulsory acquisition of property-Interest on enhanced compensation -Assessable as income from other sources and not as business income – Real estate business is not relevant – Entitled to deduction of 50 Per Cent. .[S. 28(i), 56(2)(viii), 57(iv), 145B(1)]