S. 68 : Cash credits-Loan–Depositors have filed affidavits, Bank statements, balance-sheets, Income-Tax Return Acknowledgements, Permanent Account Number Details, loan confirmation etc. – Burden discharged – Addition is held to be not justified.
S. 68 : Cash credits-Loan–Depositors have filed affidavits, Bank statements, balance-sheets, Income-Tax Return Acknowledgements, Permanent Account Number Details, loan confirmation etc. – Burden discharged – Addition is held to be not justified.
S. 55A : Capital gains – Reference to valuation officer -Only where Assessing Officer of opinion that Valuation of Registered Valuer Less than fair market value of property—Amendment to S.55A is not retrospectively applicable.[S. 45]
S. 54F : Capital gains-Investment in a residential house-Not depositing unutilised amount of capital gains in capital gains Scheme Account by date of filing of return—Not entitled to exemption.[S. 45]
S. 54EC : Capital gains-Investment in bonds-Investment of Rs. 50 lakhs each in two different financial years within a period of six months from date of transfer of capital asset- Eligible for exemption. [S. 45]
S. 54EC : Capital gains-Investment in bonds-Chartered Accountant firm-Capital gains from sale of its client relationships and goodwill pertaining to its business of internal audit and risk consultancy (IARC) practice-Investment in specified bonds- Eligible to exemption. [S. 2(14), 28(va), 45, 55(2)(a)(ii)]
S. 54B : Capital gains – Land used for agricultural purposes–Land purchased in the name of assessee’s son–Exemption cannot be denied. [S. 45]
S. 54 : Capital gains-Profit on sale of property used for residence-Investment of consideration for booking a semi-finished flat with a builder-Treated as construction of property and not purchase of property-Entitle to exemption. [S. 45]
S. 44AC : Non-Resident-Head office expenditure-Issue raised first time before Appellate Tribunal- Matter remanded–DTAA-India-UK [Art. 26]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability -Assignment of loan to third party by making a payment in terms of present value of future liability-Surplus resulting from assignment of loan was not cessation or extinguishment of liability as loan was to be repaid by third party- Cannot be assessed as cessation of trading liability.[S. 28(iv)]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Waiver of loan per se does not amount to cessation of trading liability-Not assessable as income-Matter remanded for verification. [S. 28(iv)]