No penalty can be levied where income is estimated

1. CIT vs Whiteline Chemicals (Guj) ITA 496/2012 dtd 15-01-2013
2. CIT vs Vatika Cosntruction Pvt Ltd ITA 1246/2010 dtd 11-10-2012
3. CIT vs P Rojes (Mad) 5-2-2013 ITA 341/2010

Value of Entire land appurtenant to building can not be considered for s.54/54F

HIGH COURT OF KERALA

Smt. Asha George

v.

Income-tax Officer, Ward 2(1), Thrissur

IT APPEAL NO. 114 OF 2012

Date of Pronouncement – 16.01.2013

Exemption under s.54/54F is available for several units of residential house

CIT Vs. Gita Duggal, ITA No. 1237/2011, Judgment delivered on: 21.02.2013, High Court of Delhi.
In this case asessee entered into development agreement and was to get multiple units. AO added cost of construction of residential units to sale consideration but allowed exemption under 54 for one unit only. However court allowed exmption for multiple units

Assessee can not be asked to prove source of source or origin of origin

Allahabad High Court Zafa Ahmad & Co 10-01-2013 ITA 71/2002
relied upon a Division Bench decision of this Court in the case of Anil Rice Mills v. CIT [2006] 282 ITR 236 for the proposition that only the creditworthiness of the depositor has to be established