S. 72: Carry forward and set-off of business losses-Depreciable assets-Business loss short-term capital gains-Disallowance of set-off by CPC was affirmed-Matter remanded to the file of Assessing Officer to consider the Judgment in PCIT v. Alcon Developers (2020) 432 ITR 277 (Bom)(HC).[S. 50, 143(1)]

S. 69A: Unexplained money-Search-Gold jewellery-Found 1810 grams-CBDT Circular No.1916/1994, dated 11-05-1994-Exemption was allowed to the extent of 1700 grams as per the circular of CBDT-Addition was to be made towards the value of jewellery to the extent of 110 grams. [S. 132]

S. 68: Cash credits-Immovable property-Transaction was reflected in both TDS return and Sub-Registrar’s report-Failure to respond to notices-Assessing Officer made additions on both, treating them as separate transactions-Matter was to be remanded for fresh examination.[S. 144, 194IA]

S. 68 : Cash credits-Search-documents seized-Share application money along with its premium was bogus-Addition was justified. [S. 132]

S. 68 : Cash credits-Cash deposit-Demonetization-Cash sales-No discrepancy in the books of account-Additions deleted.

S. 68 : Cash credits-Cash deposit-Demonetization-Cash sales-Failure to comply notice under section 133(6)-Lump sum addition of Rs 5 lakh was affirmed-Provisions of section 115BBE would apply only to transaction done on or after 1-4-2017.[S.133(6), 115BBE]

S. 56: Income from other sources-Gift of management system to managing trustee-Personal gifts received by trustee has to be considered in individual hands of the donee in her assessment and not in the hands of the trust. [S. 56(2)(x)(a), 132, 153A]

S. 56: Income from other sources-Interest on compensation-
Interest received on compensation/enhanced compensation on acquisition of land by State Government shall be considered as income from other sources and shall be exigible to income tax.

S. 56: Income from other sources-Relinquishment of rights over land-Symbolic possession-Failure to submit details-Amount received assessable as income from other sources and not as capital gains-Insurance refund-Amount received on surrender of life insurance policy-Addition cannot be made as unexplained money-Addition was deleted.[S.2(14), 45, 68]

S. 56: Income from other sources-Valuation of shares-Consideration shown was Rs 1. –Lock-in-Lowest price traded was Rs 22. 88-Mere fact that shares were in lock-in was not sufficient to come to the conclusion that market value shall be determined in a manner similar to that of unquoted shares, i.e. in accordance with rule 11UA-Matter remanded to the file of the Assessing Officer. [R.11UA(1)(c) (b)]