S. 68 : Cash credits–Share application money-Kolkata parties- Bank accounts in Delhi-Failed to discharge onus of establishing the genuineness of transaction and creditworthiness of investors/creditors-Only disclosed identity of investors, who too remained faceless despite notices to them-Addition is held to be justified. [S. 131, 133(6)]

S. 68 : Cash credits–Share capital-Share premium-Confirmation filed-Companies appeared before AO through a representative and made submissions in support of their investments-Deletion of addition is held to be justified.

S. 48 : Capital gains–Cost of acquisition-Refundable deposit– Relinquishment of rights–If refundable deposit is considered as sale consideration-Refundable deposit is to be considered as cost of acquisition. [S. 45]

S. 40(a)(ia) : Amounts not deductible-Deduction at source– Interest, commission-When exemption u/s.11 is denied the assessee is liable to deduct tax at source – Addition made by the AO is held to be justified. [S. 10(23AA), 11, 12A, 13]

S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts- Schedule bank-Entitle to set off though dis not have any positive profit to set off.

S. 23 : Income from house property-Annual value-Property which is not legally occupiable and not occupied-Could not be made liable to tax on notional rental income for that period. [S. 22]

S. 10(23AA) : Funds established for welfare of employees – Failed to prove income on behalf of regimental fund or non-public fund established by the armed forces of the Union- Denial of exemption is held to be justified. – Marginal rate to be applied to total income . [S. 11, 13 ,148, 164 ]

S. 10(10AA) : Leave salary–Government employee-Leave salary- Employee of the Central Government or State Government- Retired employees of PSUs and nationalised bank cannot be treated as Government employees-Not entitled to get full tax exemption on leave encashment after retirement/superannuation. [Art. 12, 226]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Fixed place of business-liable to be assessed in India- DTAA-India-UK. [Art. 5(1), 5(2), 5(4)]

S. 276CC : Offences and prosecutions-Failure to furnish return of income–Quantum appeal is pending–Petition to quash the proceedings before the magistrate court is dismissed. [S. 139(1), Art. 226, 227]