S. 28(i) : Business income-Adventure in nature of trade-Sale of land within four months from date of purchase-Assessable as business income.

S. 28(i) : Business income-Adventure in nature of trade-Sale of land within four months from date of purchase-Assessable as business income.

S. 28(i) : Business income or Income from other sources-Interest income on fixed deposit-Assessable as business income-Income from Mutual funds and income-tax refund to be treated under head income from other sources. [S. 56, 71]

S. 24 : Income from house property-Deductions-Interest on borrowed funds-Onus on assessee-No Documentary evidence furnished-Disallowance proper. [S. 24(b)]

S. 14A : Disallowance of expenditure-Exempt income-Interest-Sufficient funds-Disallowance of interest is not valid. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Interest-Sufficient funds-Disallowance of interest is not valid. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income-No disallowance can be made [R.8D]

S. 11 : Property held for charitable purposes-Accumulation of income-Failure to file Form 10 on time-Form 10B was furnished along with the return-Matter remanded. [S. 11(2) 12A]

S. 11 : Property held for charitable purposes-Search and seizure-Concluded assessment-Date for issuance of notice under section 143(2) of the Act had already expired-No incriminating material was found for the assessment years in question-Denial of exemption is not valid. [S. 132, 143(2), 153A]

S. 10(34) : Dividend-Domestic companies-Tax on distribution of profits-Dividend received by assessee on Liquidation of company-Dividend declared before liquidation and dividend distribution tax paid by company-Not entitled to exemption of dividend income. [S. 2(22), 10(33), 46(2), 115O]