S. 68 : Cash credits –Shell companies –Failure to produce lenders- Addition was held to be justified- Transaction was held to be non genuine .
S. 68 : Cash credits –Shell companies –Failure to produce lenders- Addition was held to be justified- Transaction was held to be non genuine .
S. 68: Cash credits — Share application money — Merely on the basis of statement given by Directors of investing companies additions cannot be made when the assesse has provided all necessary evidences – Burden is on revenue to prove otherwise.
S. 68: Cash credits — Cash deposits were supported by registered sale deeds of flats sold and materials purchased was supported by duly signed Vouchers hence deletion was held to be justified .[ S. 69 ]
S. 68: Cash credits — Gifts – Creditworthiness of donors was proved – Deletion of addition was held to be justified – Finding of fact [ S. 69A ]
S. 68:Cash credits — Gift — Failure to produce evidence of credit worthiness and genuineness of gifts addition as unexplained deposits was held to be justified .
S. 68: Cash credits –Not required to explain source of source -Confirmation letters , affidavits PAN no was filed, deletion of addition was held to be justified .
S. 56 : Income from other sources – Amount received at the time of retirement from partnership firm after surrendering her right, title and interest, same was said to be received for consideration and, thus, same could not be taxable in hands of the assessee , as capital gains or income from other sources . [ S. 2(47)(i) , 2(47)(ii), 4,45 , 56(2)(vi) ]
S.56: Income from other sources- Interest income on fixed deposit is held to be assessable as income from other sources [ S.28(i) ]
S. 56 : Income from other sources – Redeemable non-cumulative preference shares (RNCPS) cannot be excluded from ambit of section 56(2)(viib)- In case of issue of redeemable non-cumulative preference shares (RNCPS) at premium, conclusion of valuer that 10 per cent discount factor was appropriate, was to be upheld as it was based on proper comparable for bench marking [ S.56(2)(viib), Rule 11UA(c)(c), ]
S.56: Income from other sources- Agricultural income –Consideration was not shown to avoid payment of stamp duty-Consideration was held to be assessable as income from other sources and not as agricultural income, however levy of concealment penalty was held to be not justified [ S. 271(1) (c ) ]