S. 69 : Unexplained investments-Finance broker-Transaction through account payee cheques-Addition cannot be made on the presumption that providing loan in cash and interest received in cash. [S. 132]
S. 69 : Unexplained investments-Finance broker-Transaction through account payee cheques-Addition cannot be made on the presumption that providing loan in cash and interest received in cash. [S. 132]
S. 68 : Cash credits-Unsecured loans-Lender companies directly replying to Assessing Officer pursuant to notices and filing documents called for-Inspectors report not furnished to the assessee-Third party statement neither shown nor given an opportunity of cross examination-Addition is held to be not valid. [S. 133(6), 133A]
S. 143(3) : Assessment – Protective assessment — Director – Substantive addition in hands of company deleted — Protective ssessment in hands of director not sustainable .[ S.179, 292C ]
S. 68 : Cash credits-Share application money-Genuineness of transaction not established-Addition is held to be justified-Unsecured loan-Onus discharged-Addition is held to be not justified.[S.131]
S. 68 : Cash credits-Issue of convertible warrants-Receipt of total money over three years-Deletion of addition justified.
S. 68 : Cash credits-Unsecured loans-Statement in the course of survey and search-No nexus with loan transaction of year under consideration-Failure to issue summons-No addition can be made-Receipt of investment made in earlier years-Had sufficient funds to make investments-Addition is held to be not justified. [S.131, 133(6)]
S. 56 : Income from other sources-Interest income-Deposits with banks-Assessable as income from other sources. [S. 28(i)]
S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of property within one year before transfer-Possession handed within one year after transfer of second property-Entitled to exemption-CIT (A)-Powers-Revised computation was filed before AO-CIT (A) has to consider the claim. [S. 45, 250]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Variation between sale consideration and sale stamp value 5 % to 10%-Amendment curative and thus retrospective-Applicable for earlier years-Determination of land value based on various factors such as water logging, flooding of drainage water, etc. has to be considered-Valuation of assessee accepted. [S. 45]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Land situated in green belt-Matter remanded to CIT (A)-Transfer of development rights-Provision of section 50C is not applicable-Issue raised first time before Appellate Tribunal-Matter remanded to the file of CIT(A). [S. 2(47)(v), 45, 250]