S. 68 : Cash credits-Failure to produce the farmers from whom the loan was taken-Direction of the Tribunal is not complied with-Order of Tribunal confirming the addition is affirmed. [S. 254((1), 260A]
S. 68 : Cash credits-Failure to produce the farmers from whom the loan was taken-Direction of the Tribunal is not complied with-Order of Tribunal confirming the addition is affirmed. [S. 254((1), 260A]
S. 68 : Cash credits-Share capital-Statement during search-Statement was retracted-Order of Tribunal deleting the addition was affirmed. [S. 132(4), 260A]
S. 68 : Cash credits-Loan for purchase of land-Explained the source-Remand report was obtained-Order of Tribunal deleting the addition is affirmed. [S. 133A, 260A]
S. 68 : Cash credits-Sale of shares-Capital gains-Penny stock-Finding of investigation wing-Exemption-Sham transaction-transactions were done through recognized stock exchange-There was no evidence that assessee had paid cash in return of receipt through cheque-Order of Tribunal deleting the addition was affirmed. [S. 10(38), 45, 69C]
S. 45 : Capital gains-Memorandum of understanding dated 16-6-2007 agreeing to sell their shares-Substantial consideration was received-Share certificates were not delivered to transferees-Transfer of shares shall take place only after registration by Registrar of company-Order of Tribunal deleting the addition was affirmed. [Companies Act, 1956, S. 29]
S. 44AD : Presumptive basis-Civil construction-Best judgement-Books of account not audited-Estimation at 4% is held to be justified. [S. 44AB, 144]
S. 37(1) : Business expenditure-Legal entity-business of providing technological and personnel support to food processing and dairy industry-Deploy skillful personnel and after 7-7-2008-Expenditure allowable as revenue expenditure-Order of Tribunal is affirmed.
S. 37(1) : Business expenditure-Electricity charges-Allowable as deduction.
S. 32 : Depreciation-Earth moving vehicles-Business of hire-Entitle depreciation at 30%. [S. 263]
S. 28(i) : Business loss-Interest on NPAs-Accrual basis-Interest on NPAs was rightly taxed by the Revenue-Guidelines of RBI binding on Banking Companies-Appeal of the assessee is dismissed. [S. 36(1)(vii), 43D, 119,260A, Reserve Bank of India, Banking Regulation Act, 1949, S. 21]