S. 45: Capital gains-Land-Compulsorily acquired-Guarantor-Overdraft facility-Compensation was first credited to assessee’s account and then transferred to sister concern’s bank account to discharge its overdraft-Application of income and not diversion by overriding title-Capital gains were taxable in assessee’s hands.[S. 4]

S. 45: Capital gains-Transfer of rights in plot of land-Following the order of the brother, the matter was remanded back to the Assessing Officer to decide the issue afresh. [S. 147, 148]

S. 45: Capital gains-Sale of shares-Accommodation entries-Sale through registered stockbroker-Copies of contract note filed-Genuine transaction-Denial of exemption was not justified-Allowed exemption-Addition was deleted.[S. 10(38, 69A, 147, 148]

S. 45: Capital gains-Family settlement-Capital asset –Transfer-Gift-Relinquishment of possession-Civil suit-Compensation received assessable as capital gains and not income from other sources.[S. 2(14), 2(47), 54, 54EC, 56(2)]

S. 44AD : Presumptive basis-Bogus purchases-Not under any obligation to explain individual entry of purchases-Gross receipts remained undisputed-Additions deleted.[S. 69C]

S. 44AD: Presumptive basis-Cash credits-Unexplained investment-Demonetization-Cash deposits in books-Source of cash deposits explained-VAT return-Declared sales-Sales not doubted-The additions cannot be made as cash credits or unexplained investment.[S. 68, 69]

S. 44AD : Presumptive basis-Cash credits-Bank deposits-Treated as turnover-Assessing Officer had not shown that such deposits were different from business receipts; addition as sustained by Commissioner (Appeals) was deleted.[S.68]

S.43B: Deductions on actual payment-VAT payment-Fake challan-No actual payment-Addition was justified-Deduction-LIC premium-Failure to produce evidence-Disallowance was affirmed. [S.80C]

S. 43B : Deductions on actual payment-Leave encashment-Disallowed earlier years-Settled by filing an application under the Direct Tax Vivad Se Vishwas Scheme, 2024-Allowable as a deduction on a payment basis. [S.43B(f)]

S. 40A(2): Expenses or payments not deductible-Excessive or unreasonable-Gold and precious metals-lower authorities had neither referred to nor relied upon any objective market data to determine the fair value of purchases-Matter was remanded to the file of CIT (A) for fresh adjudication.[S. 40A(2)(a)]