S.68: Cash credits-Share Capital-Identity and creditworthiness of Share applicant companies-Financial statements-Deletion of addition affirmed. [S. 260A]

S. 68 : Cash credits-Sale consideration-Tribunal held taxing same again would result in double addition, which was impermissible and accordingly, entire addition under section 68 was deleted. High Court held that considering factual findings arrived at by Tribunal for both Assessment Years, no question of law, much less any substantial question of law arose for consideration. SLP delayed by 392 days. SLP of revenue was dismissed on account of delay as well as on merits [Art. 136]

S. 68 : Cash credits-Share capital received from three companies-Mere proof of identity of investors insufficient-Assessee must establish creditworthiness and genuineness-Tribunal ignored AO’s findings-Addition restored by High court-SLP of assessee dismissed.[Art. 136]

S. 68 : Cash credits-Shares to promoters at premium-Income from other sources-Share premium cannot be assessed as revenue receipt even if assessee had breached provisions of section 78(2) of Companies Act, 1956, it would be penalised by provisions of Companies Act and breach would never turn share premium amount received into a revenue receipt-Share premium cannot be assessed as income from other sources-SLP of revenue was dismissed on account of delay of 271 days and also on merits. [S. 2(24)(xvi)56(2)(vii)(b), Companies Act, 1956, S 78(2),Art. 136]

S. 54 : Capital gains-Profit on sale of property used for residence-Residential house-Prior to amendment in 2014 allowed for exemption for purchase of more than 1 residential properties.[S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Deeming fiction has no application to the purchaser-Dealy of 350 days-SLP dismissed on account of delay. [S. 45, Art. 136]

S.43B: Deductions on actual payment-VAT-Service tax-Estimation of Profits-Rejection of Books of Account-Income estimated at 8% No Further Disallowance Permissible.[S.144, 145]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Short deduction of TDS-Fees for professional or technical services- No disallowance under section 40(a)(ia)[S.194C, 194J]

S. 37(1) : Business expenditure-Memorandum of Understanding (MoU) with sister concern-Quality difference-Debit note raised-Amount offered as income by sister concern-Order of Tribunal affirmed by High Court-SLP delayed by 392 days-SLP dismissed on account of delay as well as on merits. [Art. 136]

S. 37(1): Business expenditure-Year of deductibility-Settled under Direct Tax Vivad se Vishwas Scheme, 2024-Appeal dismissed as withdrawn. [S. 145 [Art. 136]