“Section 3(2)(g)”

Where purchases are accepted as genuine and a deduction allowed, the corresponding liability cannot be added under Section 68. The case also provides authority on the application of Section 69C when suppliers are non-genuine but the purchases themselves are not doubted.

Section 50C of the Income Tax Act, 1961, which is a deeming provision, applies only to the transfer of "land or building or both" and therefore does not apply to the transfer of leasehold rights.

An institution must be established solely for educational purposes and not for commercial activities to be eligible for exemption under Section 10(23C)(vi). Pursuing objects other than education, or having objects that enable commercial activities, disqualifies the institution from such exemption.

Once an assessee successfully proves the source of money, they cannot be compelled to provide proof of how that money was acquired in specific denominations of currency notes.

An excess of income over expenditure does not, in itself, mean that an educational institution exists for profit, rather than solely for educational purposes. The primary purpose test is key.

The 'income' contemplated by Section 11 is the real income, not merely the assessed or assessable income, and income from property held under trust must be arrived at in a normal commercial manner. This implies that statutory deductions under Section 14 are not applicable when income from property held under trust is excluded.

When sales are accepted, the disallowance of corresponding purchases must be limited to the profit element embedded in such purchases, not the entire purchase amount.

Revision under Section 263 is not justified in the absence of a finding by the Commissioner that there is a loss of revenue to the State.