S. 250 : Appeal – Commissioner (Appeals) – power to admit additional evidence —Books of account and vouchers were produced before the AO -Commissioner (Appeals) can call for books of account, details and vouchers for examination — No violation of Rule 46A(4).[S.250(4) R. 46A ]
S. 219 :Credit for advance tax –Deduction at source- Advance received by firm -succession by company —Credit for deduction of tax at source should be allowed when the receipt or part of receipt recognised as income by company.
S. 145 : Method of accounting –Works contract-Composite contract – First year of business -Rejection of books of account is not justified –GP rate of 7.3% is held to be proper . [ S.145(3)
S. 80P : Co-operative societies -Primary Agricultural Credit Society registered as such under kerala co-operative societies act, 1969 is not a banking company — Entitled to deduction [ S..80P(2)(a)(i)
S. 69 :Unexplained investments –Variation in valuation of closing stock –No supporting document is produced – Addition is held to be justified .[ S.133A
S.68: Cash credits — Interest-free loan —Confirmation, return, balance-sheet and bank statement —Identity ,creditworthiness and genuineness of transaction is proved — Deletion of addition is held to be justified .
S. 43(1) : Actual cost –Depreciation-Grants towards capital fund- contribution in the form of grants could not be considered as a payment directly or indirectly to meet any portion of the actual cost and, thus, did not fall within the ambit of Explanation 10 to section 43(1)( S.32 ]
S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits –Survey – cash purchases reported in the financial statements, i. e., notional entries made for the purpose of matching the unaccounted sales discovered during the search actions –No disallowance can be made by applying the provision of S.40A(3)[ S.133A]
S.37(1):Business expenditure – Ad-hoc expenditure –Company –No personal expenses – car running and telephone expenses —Disallowances cannot be made .
S.37(1):Business expenditure –Capital or revenue – Expenses on electric repairs and maintenance — consumable expenses —Fabrication charges -Revenue in nature