S. 69 :Unexplained investments-Survey-Cash and stock-Excess stock offered as business income-Deeming provision is not applicable-Special rate of tax inapplicable-Statement under section 131 is no evidentiary value in absence of corroborative evidence-Entries in the Diary-No supporting evidence-Addition is not valid. [S.69A, 115BBE, 131, 133A]
S. 68 : Cash credits-Deposit of cash in bank-Primary ownership is discharged-Addition is deleted.
S. 68 : Cash credits-Trading in gold and silver-Cash deposit to Bank-Demonetisation-Audited books of account supported by sales bill and stock details 1Books of account not rejected-Un secured loan-Filed ledger confirmation and Permanent Account Number-Addition is deleted. [S. 131(1), 133(6)]
S. 54F : Capital gains-Investment in a residential house-Cost of improvement-Indexed cost of acquisition 1Cost of installation of lift and sundry expenses-Expenses to make house habitable-Allowable as deduction-Purchase of house in name of parents-Absence from India-Payment from assessee’s account 1House gifted to assessee by parents 1Exemption allowable [S. 45, 48]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Not aware of the stamp valuation-Matter remanded to Assessing Officer with direction to confront material relied upon and take decision after examining reply.[S. 45]
S.45: Capital gains-Non-Resident —Capital gains on sale of shares in Indian Company-Entitled to claim exemption – DTAA – India-Mauritius.[S. 112(1)(c) (iii), 147,R.115A, Art.13(4)]
S. 45: Capital gains 1Loss 1Short-term capital loss arising from cancellation of non-cumulative compulsory convertible preference shares –Disallowance of loss is proper.
S. 44C : Non-residents-Head office expenditure-Permanent establishment-Reimbursing head office towards subscription charges paid on its behalf —Not fees for technical services – DTAA-India-USA [S.9(1)(vii), Art. 12]
S.43B: Deductions on actual payment-Provision for leave encashment 1Claimed only of amounts actually paid during previous year 1Disallowance is deleted. [S. 145]
S. 43A : Rate of exchange-Foreign currency-Restatement of payables for capital assets-Matter remanded.