S. 68 : Cash credits-Share capital-Share premium-Promoters had sufficient funds-Directed to file bank statements of subscribers and copy of returns filed.

S. 68 : Cash credits-Purchase of agricultural land-Investment transferred from personal books of account-Addition is held to be not justified.

S. 54 : Capital gains-Profit on sale of property used for residence-Cost of improvement-Renovation expenses-Enquiry should have conducted with the builder who has constructed the building and not with neighbours-Estimate of Rs. 18 lakhs by CIT(A) is held to be reasonable. [S. 45, 48]

S. 48 : Capital gains-Computation-Cost of improvement-Levelling, boundary work and fencing-Failure to produce evidence-Disallowance of expenditure is justified. [S. 45]

S. 48 : Capital gains-Computation-Indexed cost of acquisition-Holding shares of BSE Ltd-For computing capital gain, indexed cost of acquisition of shares of BSE is to be considered from date of original membership of BSE and not from date of allotment of shares inn BSE Ltd. [S. 2(42A), 45]

S. 48 : Capital gains-Computation-Sale of land-Interest paid was not claimed as deduction-Gifts from relatives-Matter remanded. [S. 24, 45, 69A]

S. 45 : Capital gains-Registered JDA along with registered GPA for development of property-Actual receipt of profits is not relevant-Liable to capital gains tax on transfer of capital asset. [S. 2(47 (v), Transfer of Property Act, 1882, S. 53A]

S. 45 : Capital gains-Sale of shares-Forming part of a lot purchased-Assessable as capital gains and not as business income. [S. 28(i)]

S. 43B : Deductions on actual payment-Employee’s contribution to ESI/PF-Deposited before due date of filing of return-No disallowance can be made-Amendment to section 36(1)(va) brought by Finance Act, 2021 which came into effect from 1-4-2021 as same has no retrospective applicability. [S. 2(24)(x), 36(1)(va), 139(1)]

S. 43B : Deductions on actual payment-Disallowance of interest in earlier years-Allowable in the year of payment. [S. 145]