No denial of sec. 54B relief if land sold by assessee was classified as agricultural land in revenue record
Ad hoc additions & disallowances cannot be sustained without any specific defect in the books of accounts
Appropriate representation at the assessment level is more relevant and important than at appellate level
AO cannot reopen to investigate into the source of genuineness and creditworthiness of the investors as it falls within the realm of fishing enquiries which is wholly impermissible in law
CIT is not entitled to withdraw s. 12A registration on the ground that the activities of the trust are no longer charitable after the insertion of the proviso to s. 2(15).
If the predominant purpose is charitable, the earning of profit from an incidental activity like letting of property does not affect the charitable status.
AO has to take into account the manner in which the business works, the modalities and manner in which SAP/additional purchase price/final price are decided and determine what amount forms part of the profit: Supreme Court
