S. 68 : Cash credits-Share application money-All 16 Investor companies replied to notice u/s. 133(6) of the Act-Managing Director was not produced due to ill health-Matter remanded to the Assessing Officer-Order passed by the CIT(A) was cryptic and not speaking order-Order was set aside. [S. 131(1(d), 133(6), 250]

S. 68 : Cash credits-Loan-Revenue has accepted loan as genuine in earlier year-News reports in public domain stated that enforcement Directorate stated net worth of party was more than Rs. 1,000 Crores-Addition is held to be not valid. [S. 153A]

S. 68 : Cash credits-Loans-Alleged accommodation entries-Opportunity of cross examination was not provided-Summons was not issued-Loans received and repaid by account payee cheques-Tax was deducted at source-Addition was held to be not valid-Interest on said loans are allowable as deduction. [S. 36(1)(iii), 133(6)]

S. 68 : Cash credits-Share application money-Summons Issued twice returned unserved-Report of inspector that no companies existed at given address-Forfeiture of share application money in immediately succeeding year-Addition is held to be proper.

S. 68 : Cash credits-Loose sheets and data retrieved from mobile phones are not books of account-It may be assessed as business receipts and not as cash credits. [S. 2(12A)]

S. 56 : Income from other source-When the Assessee has adopted DCF method, one of the methods prescribed by the Act to determine fair value, then the AO cannot discard the same and adopt other method-The matter was restored back to the file of AO for afresh decision. [S. 56(2)(vii)(b), R. 11UA]

S. 56 : Income from other sources-Not applicable where the sum has been received from non-resident-Addition was deleted. [S. 56(2)(viib), 68, Companies Act, 2013, S. 102]

S. 56 : Income from other sources-Money kept in capital reserve account was invested in shares-Entire transactions were only in capital field no incidence of tax. [S. 2(47), 45(3), 45(4), 56(2)(viia), 186]

S. 54F : Capital gains-Investment in a residential house-Purchased-Constructed-Completion of house within three years is not mandatory-Capital gains Account Scheme-Investment made till date for filing return u/s 139(4) is eligible for exemption. [S. 45, 54F(4), 139(4)]

S. 54 : Capital gains-Profit on sale of property used for residence-Failure to follow the direction of CIT(A)-Assessing Officer is directed to give effect to the order of the CIT(A). [S. 45, 250, 254(1)]