S. 69A : Unexplained money-AO cannot partly accept the books of accounts and partly reject the same and decide the sales as per his choice to categorize into bogus sales and non-bogus sales-AO cannot determine the bogus sales without disputing the books of accounts or bringing any evidence on record.[S.115BBE]
S. 69A: Unexplained money-When sufficient explanation for the source of the Cash deposits were provided to the lower authorities, it was incorrect to disregard the same, unless enquiries to prove contrary facts were made & established.
S. 69A : Unexplained money-Delay condoned-Covid period-Demonetisation-Ad hoc addition is deleted. [S. 253]
S. 69A : Unexplained money-Cash gifts-Weddings, Raksha Bandhan, Birthdays and Deepawali-Failure to produce supporting documents-Addition is justified-Pending assessment-The time for summary assessment under section 143(1) and for notice under section 143(2) of the Act had not lapsed, it was a case of pending assessment, which got merged with assessment under section 153A. [S.153A]
S. 69: Unexplained investments-Difference in Cost of Construction as per valuation Report-Books of account not rejected-Addition is not justified. [S. 142A(2)]
S. 68: Cash credits-Bogus purchases-Addition is justified-Not responded to summons-All goods purchased are returned. [S.44AB, 133(6)
S.68 : Cash credits-Survey-Loose documents found in Survey-genuineness of share capital subscribers-Assessee must establish creditworthiness of subscribers. [S.133A]
S.68: Cash credits-Demonetization-Sales-The treatment of cash deposit in the bank account during demonetization period as unexplained cash credit was not justifiable because the said amount was in the nature of cash sales duly recorded in audited books of accounts and such sales were made out of stock-in-trade and cash sales were duly supported by relevant bills. [S.115BBE, 143(3)]
S.68: Cash credits-Search and seizure-Addition is justified.[S.132, 153A]
S. 56 : Income from other sources-Purchase of shares for consideration less than market value-Buy-Back of shares-Reduction of share capital-Does not amount to purchase or acquisition of any property-Addition is not justified.[S. 2(22)(d), 56(2)(viia), 115-O, R.11UA]