S. 80 : Return for losses-Capital loss-Revised return filed beyond time limit prescribed under section 139(1)-Capital loss claimed beyond time limit under section 139(1) could not be carried forward under section 74. [S.74, 139(1), 139(5)]
S. 80 : Return for losses-Capital loss-Revised return filed beyond time limit prescribed under section 139(1)-Capital loss claimed beyond time limit under section 139(1) could not be carried forward under section 74. [S.74, 139(1), 139(5)]
S. 69C : Unexplained expenditure-Consultancy fees-Matter remanded to the Assessing Officer. [S. 37(1)]
S. 69A : Unexplained money-Advocate-Cash fee received from client-Produced cash book, bank statement, professional fees etc-Addition is deleted.
S. 69A : Unexplained money-Foreign bank account-Bank details for period 1-4-1995 to 31-3-2012-Information called for by revenue could not have been received for period prior to 1-4-2011-Period of limitation cannot be extended-Order is barred by limitation-DTAA-India-Switzerland [S. 90, 132, 143(3), 153A]
S. 69A : Unexplained money-Investment in acquisition of immoveable property-Additional evidence is filed-Matter remanded to Assessing Officer. [S.254(1)]
S. 69A : Unexplained money-Long term capital gains-Penny stock-Paper company-Accommodation entries-Undisclosed income-Assessable under section 115BBE of the Act. [S.45, 68, 69D, 115BBE]
S. 69A : Unexplained money-Loan from Ahuja group-Accommodation entries-Repaid the loan-Tax is deducted at source on interest-Addition is deleted.[S. 147, 148]
S. 68 : Cash credits-Undisclosed Foreign Income and Assets-Protective addition-Addition made under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015-Addition cannot be made as cash credits under section 68 of the Income-tax Act, 1961 [Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, S.10]
S. 57 : Income from other sources-Deductions-Interest income on fixed deposits-Interest expenditure had not given rise to corresponding interest income-Not allowable as deduction. [S.56, 57(iii)]
S. 56 : Income from other sources-Immovable property-Tolerance band-Amendment to section 56(2)(x) by Finance Act, 2020 with effect from 1-4-2021-Increase in tolerance band for variation between stamp duty valuation and actual consideration from 5 per cent to 10 per cent is clarificatory/curative in nature having retrospective effect-No addition can be made. [S. 56(2)(x)]