S. 69C : Unexplained expenditure-Bogus purchases-Justified in deleting 100 percent disallowance and disallowing to 12.5% out of bogus purchases.

S. 69A : Unexplained money-Demonetization deposit-Mere mismatch of denominations of currency notes would not lead to addition where currencies of past savings might have mixed with currencies withdrawn.

S. 68 : Cash credits-Share capital-Transaction through account payee cheques, bank statements filed-Addition is not valid. [S. 133(6)]

S. 68 : Cash credits-Share application-Entries were circulating in nature-Failed to establish creditworthiness or genuineness of transaction-Addition is held to be justified.

S. 68 : Cash credits-Demonetization-Cash deposits-Sale proceeds-Sale proceeds offered to tax as revenue receipt-Addition would lead to double taxation-Addition is deleted. [S. 44AB, 115BBE]

S. 56 : Income from other sources-Retired professional cricketer received ex-gratia payment from BCCI-Capital or revenue-Matter remanded to ascertaining whether registration of BCCI was restored under section 12AA for relevant assessment year or not. [S. 4, 12AA, 28(iv), 56(2)(vii)]

S. 68 : Cash credits-Loan-Commission-Search and seizure-Bogus accommodation entries-Addition is held to be justified-Fictitious-Bogus entries-Rejection of books of account justified. [S. 132, 145, 153C]

S. 56 : Income from other sources-Share premium-Valuation of shares-Tentative balance sheet after audit by auditors, balance sheet audited subsequently would be sufficient compliance of provisions of rule 11U(b). [S. 56(2)(viib), R. 11UA]

S. 56 : Income from other sources-Allotment of shares at premium-Fair market value of shares-Neither Assessing Officer, nor Commissioner (Appeals) had determined fair market value of shares in accordance with rule 11UA-Matter remanded to the Commissioner (Appeals) to determine fair market value of shares by following any of prescribed methods. [S. 56(2)(viib), R. 11UA]

S. 56 : Income from other sources-Share premium-Valuation report-Apart from determination of FMV of shares under rule 11UA, intrinsic value is also one of prescribed method as per section 56(2)(viib)(a)(ii), but higher of valuation as per section 56(2)(viib)(a)(i) or (ii) has to be considered by Assessing Officer before applying those provisions Section 56(2)(viib) is applicable in year of issue of shares and not in year of receipt of premium. [S. 56(2)(viib), R. 11UA]