S. 80G : Donation – Approval – Registration Immediate non -start of activity cannot be reason for denial of approval u/s 80G(5 ) of the Act -Matter remanded . [ S. 2(15) , 12AA, 80G(5)
S. 80G : Donation – Approval – Registration Immediate non -start of activity cannot be reason for denial of approval u/s 80G(5 ) of the Act -Matter remanded . [ S. 2(15) , 12AA, 80G(5)
S. 69B : Amounts of investments not fully disclosed in books of account –Family settlement – Contribution to family settlement by taking loan from bank – Addition is held to be not valid .
S. 69 :Unexplained investments – Immoveable property – Failure to produce evidence in respect of booking of flat – Addition is held to be justified . [ S.251 ]
S. 69 :Unexplained investments – Private discretionary trust – Beneficiary – Settlor – Beneficiary can be taxed only income component – Settlor has to explain the source of investments – Matter set aside – Penalty appeal also set aside .[ S.271(1) ( c) ]
S.68: Cash credits – Share capital – Creditworthiness of subscribers and genuiness of transactions were proved- Addition is held to be not justified .
S. 68 : Cash credits -Share capital – Companies never existed in given addresses- Fictitious and bogus companies- Addition is held to be justified . [ S. 153A , 153C ]
S.68: Cash credits – Bank deposits -Produced all relevant documents- Merely because assessee had not filed an application to file such additional evidence before CIT (A) such additional documents could not be rejected. [ S.251 ]
S.68: Cash credits -Share capital- Furnished details of bank account, PAN, ITRs and financials etc. of share applicants- In response to notice issued under S. 133(6), share applicants had confirmed investment made by them along with source of their investment- Mere non-production of directors, without bringing any contrary material on record -Addition is held to be not valid .[ S.133(6 ) ]
S. 68 : Cash credits – Long term capital gain- Sale of shares- investor in many years – Addition is held to be not justified . [ S. 10(38) ]
S. 68 : Cash credits –Loan form penny stock company– Matter remanded to the AO for verification whether SEBI has taken any action against alleged Company which has given loan to the assessee. [ S.115BBE ]