S. 68 : Cash credits-Penny stock-Long term capital gains-Sale of shares-Broker on SEBI watchlist-Addition was deleted. [S. 10(38), 45]

S. 68 : Cash credits-Long term capital gains-Opportunity of cross examination was not given-Denial of exemption was not justified-Estimate of expenses was also deleted-Additional evidence was admitted. [S. 10 (38), 45, 69C, 132(4), ITAT R. 29]

S. 56 : Income from other sources-Issue of right shares to existing share holders at below market value-Issue of shares at bellow fair market value-Addition was deleted. [S. 56(2)(vii)(c)(ii)]

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of new residential house-Date of delivery of possession of new property within one year prior to date of execution of sale deed of original Asset-Entitle for Exemption. [S. 45]

S. 44AD : Presumptive taxation-Supplier of security guards-Disclosure of profits at 8 Percent of gross receipts-Failure to pay advance tax-Directed to pay at 10 percent. [S. 44AA, 44AB, 234C]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Aggregate of payments in a day did not exceed Rs.20000-No disallowance can be made.

S. 37(1) : Business expenditure-Fines and penalties-Interest on arrears of Service tax-Not penal in nature-Allowable as deduction.

S. 37(1) : Business expenditure-Consultancy charges paid to technical persons-Expenditure cannot be disallowed on estimate basis.

S. 37(1) : Business expenditure-Foreign Exchange loss-Allowable as revenue expenditure.

S. 37(1) : Business expenditure-Media business selling advertisement airtime on its Channel-Discount allowed-Allowable as revenue expenditure-Unpaid leave and encashment-Directed the Assessing Officer to verify actual payment. [S. 43B(f)]