S. 69B : Amounts of investments not fully disclosed in books of account –Valuation of closing stock for availing of facilities from bank -Quantity of stock remaining same additions cannot be made .
S. 69B : Amounts of investments not fully disclosed in books of account –Valuation of closing stock for availing of facilities from bank -Quantity of stock remaining same additions cannot be made .
S. 69B: Undisclosed investments- On money -Mere admission of amounts recorded in pen drive as additional unexplained income would not lead to drawing of adverse inference that unexplained investment was made by assessee for purchase of property, particularly when no evidence was produced to justify said payment by assesse [ S. 132(4) ]
S. 69A : Unexplained moneys –Professional services – Only on the basis of AIR information without conducting any further enquiry addition cannot be made . Matter remanded . [ S. 133(6) ]
S.69A: Un explained moneys- Gross weight of jewellery disclosed in regular returns was in excess of gross weight of jewellery found in search, no seizure/addition was permissible. [ S. 132 ]
S. 69 : Unexplained investments – Investment in shares and bonds – Addition was deleted as the alleged information was not made available to the assesse.
S. 69 :Unexplained investments -Foreign Bank deposits – Information was received from Central Board of Direct Taxes that assessee was beneficiary of a trust in foreign Country, having account in LGT Bank, Liechtenstein, Germany -Addition was held to be justified .
S. 68 : Cash credits -Share application money —Failure by AO to make inquiry on documentary evidence produced by assessee, deletion of addition was held to be justified [ S. 133(6),153A ]
S. 68: Cash credits- Share application money – Addition cannot be made as cash credits unless the AO does not make any investigation on the documentary evidence filed by the assessee or asking for production of the investors .[ S. 131 ]
S. 68: Cash credits- Share premium can be assessed as undisclosed income if directors are allotted the shares at par and other at premium without any justification .Addition was held to be justified .Issue of second notice for reassessment was held to be valid [ S.69, 147, 148 ]
S. 68 : Cash credits –Share capital-Share holders did not respond to summons can not be the basis to treat the share capital as bogus .[S.133(6)]