S. 80G : Donation-Provisional registration-Time for filing application for regular registration-Words “or within six months of commencement of its activities, whichever is earlier”-The provisional approval is effective up to assessment year 2025-26-Directed to treat the application as filed within statutory and allow approval as per the law. [S.80G(5)]
S. 69C: Unexplained expenditure-Bogus purchases-Disallowance is restricted to 10 percent of alleged bogus purchases-Reassessment is valid-Sanction-Sanction granted by Principal CIT is valid.[S. 147, 148, 151]
S. 69 :Unexplained investments Undisclosed sources-Survey-Stock-Additional income surrendered during survey-Income surrendered during the course of survey cannot be brought to tax under the deeming provisions of S 69 and 69A of the Act-Assessable as business income-Provision of section 115BBE cannot be applied. [S. 28(i), 69A, 115BBE, 133A]
S. 69A : Unexplained money-Deposits-Bank account-Non-Resident-Demonetisation-Amount received on cancellation of reservation of hotel booking-Addition is deleted.
S. 69 :Unexplained investments-Cash deposits-Investment in company is not explained-Investment is property-Not substantiated-Addition is affirmed-Sale of shares-Less than fair market value-Income from other sources-Difference in market value is taxed-Deduction is allowed to the extent addition confirmed of unexplained bank deposits. [S. 45, 56(2)(vii)(c)]
S. 68 : Cash credits-Share application-Substantial creditworthiness-Mere non-appearance of directors addition is not justified.
S. 68 : Cash credits-Capital gains-Penny stock-Information from Investigation Wing-Purchase of shares of LLDP Ltd at Rs. 6 per share-Sold at Rs 283 per share after 19 months-Non genuine-Exemption denied-Assessed as income from undisclosed source. [S. 10(38) 45, 69]
S. 56 : Income from other sources-Shares at premium-DCF method-Assessing Officer cannot choose the method of his choice-Addition is deleted. [S.56(2)(viib), R.11UA]
S. 54F : Capital gains-Investment in a residential house-Investment in non-residential property-Mosque, Orphanage School and Staff quarters-Not entitle to deduction-No pro rata deduction is permissible.[S. 45]
S.54F : Capital gains-Investment in a residential house-Jointly owning 16-67% rights in six flats-Own does not include partly owned-Exemption cannot be denied [S. 32, 45]