“Section 24(6)”

Interest income generated from fixed deposits, if purchased due to business exigencies or for the purpose of carrying on business activities, is to be treated as business income and not income from other sources.

Surplus arising on the sale of agricultural land is exempt from capital gains tax if it does not fall within the definition of 'capital asset' under section 2(14)(iii) of the Income-tax Act, 1961.

Section 68 of the Income Tax Act, 1961, does not apply to opening balances of unsecured loans that originated in previous financial years and were not credited anew in the current year.

Rental income from unsold flats in a construction business is assessable as income from house property, not business income. Consequently, deductions under section 24(a) are allowable.

The addition on account of bogus purchases can be made on an estimated basis, specifically at 6% of the bogus purchase value, when the assessee was not given an opportunity for cross-examination and did not provide the whereabouts of the parties. The case also highlights that if books of accounts are not rejected and sales are accepted, only the profit embedded in such purchases can be added.

The addition for unexplained expenditure or purchases cannot be made solely on the basis of the supplier's failure to appear before the tax authorities, especially if the assessee has discharged the onus of proving the genuineness of the transactions. Merely returning notices issued under Section 133(6) is insufficient to declare purchases as bogus.

Section 6 of the General Clauses Act applies when a temporary statute is repealed before its expiry. Where a provision is omitted and simultaneously re-enacted, the omission does not obliterate the provision.