S. 80IB(10) : Housing projects-Completion Certificate-Completion Certified by Architects, planners and engineers-Delay in issue of completion certificate by local authority-Entitle to deduction-Allotment of residential members of same family-Disallowable proportionately. [S. 80IB(10)(f)]
S. 72 : Carry forward and set off of business losses-If return for which loss was claimed on due date the loss is allowed to carryforward and set off. [S.139 (1)]
S. 69 : Unexplained investments-Post dated cheque-No evidence to show that there was transfer of money-Addition is held to be not valid.
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)]