S. 69C : Unexplained expenditure-Information from Invetsigation wing-The AO cannot proceed to disallow only the purchases in isolation and the Tribunal disallowed the purchases at 12.5%. On appeal for A.Y. 2014-15, the Tribunal observed that the Assessee had only made payments towards purchases from previous year, hence the addition for A.Y. 2014-15 was unjustified. [S. 147, 148]
S. 69C: Unexplained expenditure-Search and seizure-Unabated assessment-Purchases are recorded in regular books of account-Order of CIT(A) deleting the addition is affirmed.
S. 69A: Unexplained money-Cash found in the work premises-Sales-Matter restored to AO to consider the evidence submitted. [S. 131, 133A]
S. 69A: Unexplained money-Cash deposit-Demonetisation-Cash sales-Deletion of addition is affirmed by the Tribunal.
S. 68: Cash credits-Share application-Share premium-Identity and creditworthiness and genuineness is established-Addition is deleted.
S. 68: Cash credits-Share capital-Share premium-Proved the identity, credit worthiness and genuineness by documents-Addition is deleted. [S. 133(6)]
S. 68:Cash credits-Identity and creditworthiness is established-b The loan was repaid through banking channels-Addition is deleted.
S. 68: Cash credits-Unsecured loan-The assessee satisfactorily explained the source of the loan, and the lender’s credibility was established through the repayment in cheque and the lender’s business activity. The addition is deleted. [S.133(6)]
S. 68: Cash credits-Deposit in bank-The deposits are backed by equivalent withdrawals or immediate transfers, the entire deposit amount should not be treated as unexplained income-Net profit rate of 1 per cent on entire deposit is confirmed.
S. 68 : Cash credits-Agriculturist-Bank deposits-Non-filing of ITR-additions on account of unexplained cash deposited in savings bank account & income from LTCG on the sale of agricultural land-ex-parte assessment order-Assessee was required to substantiate his income before the AO with proper and supporting evidence-matter remanded.