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 -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 ]
S. 68 : Cash credits – Accommodation entries – Tax Avoidance- Bogus short term capital loss- Addition is held to be justified .[ S.45 ]
S.56: Income from other sources- Immovable property is considered to be transferred on date of execution of registered document and not on date of delivery of possession- Rectification of mistake – Tribunal has no power of review . [ S.56(2) (vii) (b), 254(2) ]
S. 56 : Income from other sources- Family settlement – Release deed Property from his brothers on account of Family Settlement- No commercial transaction addition cannot be as income from other sources [ S.56(2) (vii) (b) ]
S. 56 : Income from other sources – Sale of shares to non-resident – Valuation of shares- Share premium in excess of value of shares as determined under rule 11UA cannot be assessed as income of the assesseee. [ S.56(2) (viib) ,R.11UA ]
S.56: Income from other sources – Market value of shares -Share premium- Discount cash flow method (DCF ) –Valuation by merchant banker – Revenue authorities cannot evaluate accuracy of valuation at time of assessment-Addition was deleted .[ 56(2)(viib) , R.IIUA ]