S. 80-ID : Hotels and convention centres in specified area-Existing hotel taken on lease and later purchased-Only nominal additions to fixed assets-Business continued under new name-Assessee failed to prove setting up of a new eligible hotel-Denial of deduction affirmed. [S. 260A]
S. 80-ID : Hotels and convention centres in specified area-Existing hotel taken on lease and later purchased-Only nominal additions to fixed assets-Business continued under new name-Assessee failed to prove setting up of a new eligible hotel-Denial of deduction affirmed by High Court-SLP dismissed. [Art. 136]
S. 80HHC : Export business-Total turnover-Excise duty, custom duty, windmill power receipts-Not part of turnover. [S.260A]
S. 80G : Donation-Registration under section 12AA granted and subsisting-Entitled to approval for purposes of section 80G(5)(vi) [S. 12AA, 80G(5)(vi)]
S. 80G : Donation-Registration under section 12AA granted and subsisting-Entitled to approval for purposes of section 80G(5)(vi) of the Act-SLP of revenue dismissed. [S. 12AA, 80G(5))vi), Art. 136]
S. 69C : Unexplained expenditure-Bogus purchases-Accommodation entries from Bhanwarlal Jain Group-Addition restricted to 6 per cent of bogus purchases is fair and reasonable. [S. 147, 148, 260A]
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 [S. 260A]
S. 68: Cash credits-Share premium received on issue of shares-Capital or revenue-Capital account transaction-Cannot give rise to income-Addition of entire share premium as unexplained cash credit not sustainable-Delay of 271 days-SLP dismissed on account of delay as well as on merits. [S. 4,Art. 136]
S. 67A : Association persons-Body of individuals-Member’s share-Member of syndicates engaged in liquor business-Share of assessee in income of syndicate-Not taxable when association of persons taxed at maximum marginal rate-No substantial question of law.[S.2(31),86, 167B, 260A.]
S. 67A : Association persons-Body of individuals-Member’s share-Member of syndicates engaged in liquor business-Share of assessee in income of syndicate-Not taxable when association of persons taxed at maximum marginal rate-SLP of revenue dismissed. [S.2(31),86, 167B, Art. 136]