S.68: Cash credits —Must prove identity of creditor, Creditworthiness and genuineness of transaction — Source of source need not be proved — Duty of Income-Tax Authorities to conduct enquiry —No Enquiry by Income-Tax Authorities — Addition not justified .
S.45:Capital gains- Business income — Non-Banking financial Institution — Conversion of shares and securities held as stock-in-trade into investment — Sale of shares — Income cannot be assessed as business income [ S. 4, 28(i)]
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability -State Government scheme for deferment of sales tax and Treating amount as loan for specified period — Surplus on account of prepayment of loan —Amount not assessable as income [ S.4, 28(i) ]
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability -Waiver of loan — Neither the component of interest embedded therein nor the amount claimed as deduction earlier —Not assessable as business income
S. 40(a)(ia): Amounts not deductible – Deduction at source –
Failure to pay tax deducted at source- Amendment by Finance Act, 2010 allowing deduction of payment where tax deducted in subsequent year, or during previous year but paid after due date for filing return — Amendment retrospective- Disallowance is held to be not valid [ S.139(1) ]
S.37(1): Business expenditure — Expenditure on higher education of managing director of subsidiary company — Person becoming director after completion of higher Education —Not deductible.
S.37(1):Business expenditure — Capital or revenue – Interest paid for delay in allotment of shares for increasing share capital — Not allowable as revenue expenditure .
S.37(1):Business expenditure — Capital or revenue – Interest paid for delay in allotment of shares for increasing share capital — Not allowable as revenue expenditure .
S. 36(1)(vii) :Bad debt – — Assessee only to establish that debt written off in accounts — Not necessary to establish that debt in fact had become irrecoverable — Law after 1-4-1989-Winding up — Diminution in value of investment made by assessee in company in liquidation —Capital loss – Matter remanded to the Assessing Officer . [ S.46(2) ]
S. 36(1)(vii) :Bad debt -Law after 1-4-1989 — Not necessary to establish or prove that debt has become irrecoverable — Recording of debt as bad debt in books of account is sufficient. [ S.28(i)]