S. 68 : Cash credits-Share application money-Summons Issued twice returned unserved-Report of inspector that no companies existed at given address-Forfeiture of share application money in immediately succeeding year-Addition is held to be proper.

S. 68 : Cash credits-Loose sheets and data retrieved from mobile phones are not books of account-It may be assessed as business receipts and not as cash credits. [S. 2(12A)]

S. 56 : Income from other source-When the Assessee has adopted DCF method, one of the methods prescribed by the Act to determine fair value, then the AO cannot discard the same and adopt other method-The matter was restored back to the file of AO for afresh decision. [S. 56(2)(vii)(b), R. 11UA]

S. 56 : Income from other sources-Not applicable where the sum has been received from non-resident-Addition was deleted. [S. 56(2)(viib), 68, Companies Act, 2013, S. 102]

S. 56 : Income from other sources-Money kept in capital reserve account was invested in shares-Entire transactions were only in capital field no incidence of tax. [S. 2(47), 45(3), 45(4), 56(2)(viia), 186]

S. 54F : Capital gains-Investment in a residential house-Purchased-Constructed-Completion of house within three years is not mandatory-Capital gains Account Scheme-Investment made till date for filing return u/s 139(4) is eligible for exemption. [S. 45, 54F(4), 139(4)]

S. 54 : Capital gains-Profit on sale of property used for residence-Failure to follow the direction of CIT(A)-Assessing Officer is directed to give effect to the order of the CIT(A). [S. 45, 250, 254(1)]

S. 54 : Capital gains-Profit on sale of property used for residence-Allegation that the amount was withdrawn from sellers bank account-Reply by seller showing receipt of full sum-Denial of exemption was held to be not valid. [S. 45]

S. 45 : Capital gains-Amalgamation-sale of shares prior to transfer of business by way of slump sale and amalgamation-scheme of amalgamation approved by High Court and shareholders-allegation of scheme of amalgamation as an afterthought without any basis-capital gains already offered for tax by the amalgamating company-same cannot be taxed again in the hands of amalgamated company.

S. 45 : Capital gains-Consideration from sale of land as long term-Transfer of superstructure as short term capital gains-Deposit in specified Bank account and using it only for acquiring new asset Eligible for deduction-Not making claim in return-Appellate Authorities not barred from entertaining fresh claim. [S. 54F, 254(1)]