S. 69 :Unexplained investments -Foreign Bank deposits – Information was received from Central Board of Direct Taxes that assessee was beneficiary of a trust in foreign Country, having account in LGT Bank, Liechtenstein, Germany -Addition was held to be justified .
S. 68 : Cash credits -Share application money —Failure by AO to make inquiry on documentary evidence produced by assessee, deletion of addition was held to be justified [ S. 133(6),153A ]
S. 68: Cash credits- Share application money – Addition cannot be made as cash credits unless the AO does not make any investigation on the documentary evidence filed by the assessee or asking for production of the investors .[ S. 131 ]
S. 68: Cash credits- Share premium can be assessed as undisclosed income if directors are allotted the shares at par and other at premium without any justification .Addition was held to be justified .Issue of second notice for reassessment was held to be valid [ S.69, 147, 148 ]
S. 68 : Cash credits –Share capital-Share holders did not respond to summons can not be the basis to treat the share capital as bogus .[S.133(6)]
S. 68: Cash credits –Share capital- Shell companies – Accommodation entries were routed through shell companies hence addition was held to be justified .[ S. 131,133(6) ]
S. 68: Cash credits- Long term capital gains- Evidence of contract and payment through Banks- Addition cannot be made solely on the basis that late recording in Demat Pass book- Order of Tribunal set aside [ S.45 ]
S. 68 : Cash credits – Firm or AOP – ntry pertaining to first day of business – No scope for assuming that income was generated – No addition can be made- Provided PAN/GIR and income tax return of members sufficient to establish the creditworthiness and also discharge the onus .
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 .