S. 68 : Cash credits-Foreign bank account of deceased father-Information from investigation wing-Failure to provide certified copy of bank account and bank statement-Addition was deleted-Remanded with specific direction to provide certified copy of bank statement and nexus with bank deposits. [S. 5(1)), 147, 148]
S. 68 : Cash credits-Share capital at premium-Valuation report-Real estate-Identity, creditworthiness and genuineness of transactions was proved-Addition was held to be unjustified.
S. 68 : Cash credits-Share capital-Share premium-Share subscriber did not appear for personal attendance-Matter remanded.
S. 68 : Cash credits-Share capital and share premium-Copy of bank statements, confirmation of parties copy of ITR along with balance sheet was furnished-Deletion of addition was held to be justified.
S. 68 : Cash credits-Sundry creditor-Confirmation filed before the CIT(A) was rejected-The addition was deleted.
S. 56 : Income from other sources-Purchase of property-Part payment was made by cheque next day-Agreement and registration was done after one year-Addition was held to be not justified when the provision was not in exist when the agreement was entered in to. [S. 56(2)(vii)(b)]
S. 56 : Income from other sources-Method of valuation of shares-Discount Cash Flow method (DCF)-Method of valuation of shares adopted by assessee could be challenged by Assessing Officer only if it was not a recognized method of valuation as per rule 11UA(2)-Matter remanded. [S. 56(2)(viib), R. 11UA(2)]
S. 56 : Income from other sources-Share capital and share premium-Additional evidence-Matter remanded. [S.56(2)(viib), Rule 11UA]
S. 54F : Capital gains-Investment in a residential house-Amount not utilised before specified date-Amount liable too tax. [S. 45, 147]
S. 54B : Capital gains-Land used for agricultural purposes-Assessee includes HUF-Amendment brought on by Finance Act, 2013, in section 54B by inserting assessee being an individual or his parent, or a Hindu Undivided Family was classificatory in nature. [S. 54F]