S. 68 : Cash credits-Share capital-Established identity and creditworthiness by filing copy of confirmation of accounts, copy of PAN card, bank statement ITR acknowledgement and financial statements-Addition is held to be not justified.
S. 68 : Cash credits-Share capital-Established identity and creditworthiness by filing copy of confirmation of accounts, copy of PAN card, bank statement ITR acknowledgement and financial statements-Addition is held to be not justified.
S. 68 : Cash credits-Unsecured Loans-Initial burden is discharged by assessee-Low profit in return of income doesn’t mean no creditworthiness-Addition deleted.
S. 56 : Income from other sources-Agricultural land purchased situated outside 8 km of municipal area is not a capital asset-Addition is not justified. [S. 2(14), 56(2)(vii)(b)]
S. 56 : Income from other sources-Shares at premium-DCF Method-The Assessing Officer cannot value on Net Asset value (NAV)-Order set aside and remanded to examine the issue afresh. [S. 56(2)(viib), R.11UA]
S. 54F : Capital gains-Investment in a residential house-Sale of land-Assessable as capital gain-Entitle for exemption. [S. 28(i), 45]
S. 54F : Capital gains-Investment in a residential house-Deposit in capital gain account scheme-Gain can be charged to tax after expiry of three years from date of sale of a property if same was not utilised for construction of new residential house as assessee’s income for said third year. [S. 45]
S. 54F : Capital gains-Investment in a residential house-Entire sale consideration was in construction of house-Exemption cannot be denied on the ground that consideration was not deposited in capital gain scheme. [S. 54F(4), 139(1)]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transferrable Development Rights (TDR)-Right in the land and not land-Provision is not applicable-Addition cannot be made as income from other sources. [S. 45, 56(2)(viib)]
S. 50B : Capital gains-Slump sale-Short term capital loss-Net worth-Value of asset includes the amounts paid to discharge any liability on the asset. [S. 2(42C), 45]
S. 45 : Capital gains-Transfer-Agreement for Transfer and Registration in two different years-Possession handed over along with Agreement of Transfer-Registration done after 5 years-Held Capital gains chargeable in the year in which Agreement of Transfer took place along with handing over the possession and not in the year of registration. [S. 2(47)(v), Transfer of property Act, S. 53A]