S.68: Cash credit — Unsecured loan — Failure to prove genuineness – Addition is held to be justified .

S.68: Cash credits — Bogus purchases from bogus firm — Forensic Expert’s report showing that account of firm operated in handwriting of assessee and all deposits and withdrawals made in handwriting of assessee —Not availing of opportunity to cross-examine forensic expert —Addition is held to be justified — Addition on account of bogus sales out of bogus purchases will result in double addition — Addition on debit entry to be deleted . [ S.145 ]

S. 68 : Cash credits – Share application money – Source of investment, identity and creditworthiness of investors and genuineness of transaction established – Addition is held to be not valid . [ S.14A, 131, 153A ]

S.68: Cash credits — Share application money — Accommodation entries — Entry provider in his statement not stating investor company one of concerns controlled by him — Assumption Of accommodation entries vitiated by fact -Addition unsustainable.

S. 68 : Cash credits – Share application money — Nature and source satisfactorily explained —Addition is held to be not valid – Derivative loss – Matter remanded to the Assessing Officer .

S.68: Cash credits — Advance receipt from parties —Excess amount offered to tax in subsequent year — Advance receipt not taxable as cash credit.

S.68: Cash credits — Security deposits —Lack of full details of parties – Addition is held to be justified .

S. 68 : Cash credits – Difference between form no 26AS and tax credit statement – Assessing Officer is directed to examine reconciliation statement .

S. 54 : Capital gains – Profit on sale of property used for residence -Depositing entire sale proceeds in savings bank account- construction of house – Not depositing the amount in specified bank account – Technical breach —Entitled to exemption [ S.45, 54(2),54F ]

S.45: Capital gains — Long-term capital gains —Land held for more than thirty-six months —Treatment given in books of account immaterial —Converting Stock-in-trade into capital asset-Gains assessable as long-term capital gains and not business income — Entitled to set off gains against brought forward long-term capital loss —Entitled to indexation [ S.2(42A), 74 ]