S. 68: Cash credits –Share capital- Shell companies – Accommodation entries were routed through shell companies hence addition was held to be justified .[ S. 131,133(6) ]
S. 68: Cash credits –Share capital- Shell companies – Accommodation entries were routed through shell companies hence addition was held to be justified .[ S. 131,133(6) ]
S. 68: Cash credits- Long term capital gains- Evidence of contract and payment through Banks- Addition cannot be made solely on the basis that late recording in Demat Pass book- Order of Tribunal set aside [ S.45 ]
S. 68 : Cash credits – Firm or AOP – ntry pertaining to first day of business – No scope for assuming that income was generated – No addition can be made- Provided PAN/GIR and income tax return of members sufficient to establish the creditworthiness and also discharge the onus .
S. 68 : Cash credits –Shell companies –Failure to produce lenders- Addition was held to be justified- Transaction was held to be non genuine .
S. 68 : Cash credits –Shell companies –Failure to produce lenders- Addition was held to be justified- Transaction was held to be non genuine .
S. 68: Cash credits — Share application money — Merely on the basis of statement given by Directors of investing companies additions cannot be made when the assesse has provided all necessary evidences – Burden is on revenue to prove otherwise.
S. 68: Cash credits — Cash deposits were supported by registered sale deeds of flats sold and materials purchased was supported by duly signed Vouchers hence deletion was held to be justified .[ S. 69 ]
S. 68: Cash credits — Gifts – Creditworthiness of donors was proved – Deletion of addition was held to be justified – Finding of fact [ S. 69A ]
S. 68:Cash credits — Gift — Failure to produce evidence of credit worthiness and genuineness of gifts addition as unexplained deposits was held to be justified .
S. 68: Cash credits –Not required to explain source of source -Confirmation letters , affidavits PAN no was filed, deletion of addition was held to be justified .