S. 251 : Appeal-Commissioner (Appeals)–Powers–Additional evidence–Cash credits–Share application money-Deletion of addition accepting fresh evidence, without giving an opportunity to the AO– Violation of Rule 46A(3) is liable to be set aside. [S. 68, 254(1), R.46A]
S. 71 : Set off of loss-One head against income from another- Unabsorbed depreciation is deemed to be current year’s depreciation and can be set off against capital gain. [S. 32(2), 45]
S. 69B : Amounts of investments not fully disclosed in books of account–Seized paper–Matter remanded. [S. 132 , 153A, 292C]
S. 68 : Cash credits–Share application money–Issue of shares at premium-Journal entries–No inflow of cash-Deletion of addition is held to be justified. [S. 131]
S. 57 : Income from other sources-Deductions–Interest from bank-Bank charges-Failure to establish directly related to earning of interest income from banks. [S. 56, 57(iii)]
S. 56 : Income from other sources–Gift- Difference in valuation in fair market value of property and value adopted by the AO is less than 1%-deletion of addition is held to be justified. [S. 56(2)(viia)]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-When an assessee objects for stamp valuation–AO is bound to make reference to DVO for determination of value of property-Matter remanded. [S.45, 50C(2)]
S. 45 : Capital gains-Land and building -Right in the lease hold land– Building-Lease hold right assessable under normal provisions of the capital gains-Building being depreciable asset capital gain to be computed as short term u/s.50 of the Act. [S. 2(11), 2(29A), 2(29B), 2(42A), 50]
S. 45 : Capital gains-Transfer–Conversion-AOP converted in to a company limited by shares-New company never remained in existence simultaneously–Not liable to capital gain tax. [S.2(47)]
S. 45 : Capital gains-Sale of shares-investigation wing report- Shares were dematerialized and sales had been routed from de-mat account and consideration had been received through banking channels- Addition cannot be made as cash credits. [S. 10(38), 68]