S. 80IB: Industrial undertakings – Sub-Licensing income — Royalty — Not related to manufacturing activity – Income excludible on net basis after adjusting loyalty paid against sub-licensing income [ S.80IC ]
S. 80IB: Industrial undertakings – Sub-Licensing income — Royalty — Not related to manufacturing activity – Income excludible on net basis after adjusting loyalty paid against sub-licensing income [ S.80IC ]
S. 74 : Losses – Long-term capital loss — Reduction of share capital — Amounts to transfer —Loss arising due to cancellation of shares allowable as long-term capital loss eligible to be carried forward to subsequent years [ S.2(47) ]
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 .