S. 69B : Amounts of investments not fully disclosed in books of account– unexplained investment-Purchase of land-Peak credit–Directed to verify audited cash book entries with payments to landlords and reliable source of cash available for such payments to landowners.
S. 69B : Amounts of investments not fully disclosed in books of account– Unexplained investment-Purchase of land-Addition merely on presumption is held to be not justified.
S. 69A : Unexplained money-Income from undisclosed sources- unexplained cash-Cash flow statement accepted in wealth-tax assessment not to be discarded-Cash balance available as on date of search treated as explained. [S. 132]
S. 69 : Unexplained investments–Search and seizure–Gold and silver ornaments-Found in premises of assessee belonging to assessee’s wife and his mother – Gold and silver ornaments inherited-Addition cannot be made.
S. 69 : Unexplained investments-loose sheet found during search not in handwriting of assessee or of any of family members-No statement recorded from author of loose sheet regarding contents and no enquiries conducted with buyer of flat-Addition is held to be not valid. [S. 132]
S. 68 : Cash credits-Share premium —Share applicants proved their creditworthiness and source of funds for investing – Addition is held to be not valid.
S. 68 : Cash credit-Share premium-Addition made merely on basis of statement of a person recorded u/s.131 by DIT (Invt.) and there was no any other evidence on record-Addition is held to be not justified. [S. 131]
S. 68 : Cash credit-Impounding of documents found during search-Satisfactory explanation is furnished–Addition cannot be made. [S. 132, 153A]
S. 68 : Cash credits-Bank deposits-Funds withdrawn from bank four months ago for purchase of a property but due to non-materialised of property transaction, money was re-deposited in bank account, addition cannot be as cash credits.
S. 56 : Income from other sources–Shares issued at premium-DCF method-Commercial expediency has to be seen from point of view of businessman – Addition is held to be not justified. [R. 11UA(2)]