S. 69C : Unexplained expenditure-Bogus purchases-No disccrpency between purchases and sales shown -Entire purchase cannot be added-Order of High Court dismissed the apepeal of the revenue is affirmed-SLP delay of 606 days-SLP of revenue dismissed on account of delay as well as on merits. [S. 268A, Art. 136]
S. 69B : Amounts of investments not fully disclosed in books of account -Survey-Shortage of closing stock of finished goods and raw material-Sales outside books of account- The contention of the assessee that only GP should be added was rejected-On writ High Court affirmed the order of the Commissioner. [S. 264, Art. 226]
S. 68 : Cash credits-Sale of shares-Information received from investigation wing- Sold through recognised stock exchange-Paid Security transaction- Delay of 292 days-SLP dismissed-Delay was not satisfactorily explained. [S. 10(38), 45, Art. 136]
S. 56 : Income from other sources -Share premium- DCF method-Order of Tribunal deleting the addition is affirmed. [S. 56(2)(viib), R 11UA(2), 260A]
S. 48 : Capital gains-Computation-Purchase and sale of shares-Sham transactions-Set off of short term loss against short term capital gains-Order of Tribunal disallowing the loss is affirmed.[S. 45, 260A]
S. 40A(2): Expenses or payments not deductible-Excessive or unreasonable-Tribunal was justified in holding that expenses claimed by assessee were not excessive and disallowance of assessee’s claim was unsustainable-SLP of revenue dismissed-DTAA -India -Italy. [S. 9(1)(i), Art. 7, Art. 136]
S. 37(1) : Business expenditure-Capital or revenue-Redemption of debentures- Allowable as revenue expenditure -SLP of revenue dismissed. [Art. 136]
S. 37(1) : Business expenditure -Securities held as stock in trade -Broken period interest-SLP of revenue dismissed.[Art. 136]
S. 14A : Disallowance of expenditure-Exempt income-where no exempt income is received or receivable during relevant previous year-SLP of revenue dismissed on account of failure to explain 597 days of delay. [Art. 136]
S. 12AA : Procedure for registration -Trust or institution- While deciding application for registration the Commissioner cannot comment on genuineness of activities of trsut-Required to restrict to object of trust-SLP of revenue dismissed.[S.12A, Art. 136]