S. 68 : Cash credits-Unsecured loans-Identity and genuineness is proved-Deletion of addition is affirmed-Reassessment-Information from Investigation Wing Without correlating and verifying with assessment records-Re assessment is bad in law.[S. 147, 148]
S. 68 : Cash credits-Credit worthiness and genuineness of transactions filed-Loans received through banking channels-Addition is deleted-Estimate of agricultural income is affirmed . [ S.133(6) ]
S. 68 : Cash credits-Sale of agricultural land-Cash deposited in the bank account-Source of deposit explained-Addition is deleted-Re assessment is quashed. [S. 69,147, 148]
S. 68 : Cash credits-Share Capital-Furnished bank statements, audited accounts and computations of income-Companies’ cases subjected to scrutiny assessment-Source of source explained-Shareholders and directors of companies not attending in response to summons-Not ground to tax credits. [S. 131]
S. 57 : Income from other sources-Deductions-Interest paid on unsecured loans taken from family members Claimed Against interest earned on fixed deposits with banks-Matter remanded. [S. 40A(2)(b), 56]
S. 57 : Income from other sources-Deductions-External commercial borrowings advanced as loans to sister concerns-Interest expenditure directly related to interest earned-Violation of Reserve Bank of India guidelines not relevant for allowance of deduction-Deduction is allowable .[ S. 56 , 57(iii) ]
S. 54F : Capital gains-Investment in a residential house-Investment of net consideration in construction of house-Full value of consideration-Deeming fiction is not applicable-Entitled to exemption-Penalty deleted. [S. 48, 50C, 139(4), 271(1)(c)]
S. 54B : Capital gains-Land used for agricultural purposes-Finding that land not used for agricultural purposes in two preceding years No agricultural is shown by assessee in past years-Order of Assessing Officer is affirmed. [S. 45]
S. 50C : Capital gains-Full value of consideration-Stamp valuation Amendment providing for adoption of value as on date of agreement is retrospective . As Amended By Finance Act, 2016.
S. 48: Capital gains-Mode of Computation-Long-term capital gains-Full value of consideration-Listed Shares held as investment-Off-market sale under share purchase agreement at price prevailing on date of share purchase agreement-Adoption.