S. 68 : Cash credits-Unsecured loan-Voluntarily disclosing Rs. 22 crores before Settlement Commission-Amount laundered and re-introduced in garb of unsecured loan through bank account of creditor-Interest expenditure not allowable. [S. 37(1), 131, 132(4)]

S. 68 : Cash credits-Long-term capital gains-Penny stocks–Price of little known shares increasing 56 times in 28 months-Denial of exemption is affirmed.[S. 10(38) 45, 131]

S. 68 : Cash credits-Agricultural income-Failure to produce evidence-Agricultural income was estimated of Rs. 5 lakhs and balance addition of Rs. 48 lakhs was confirmed. [S. 10(1)]

S. 68 : Cash credits-Investors declaring meagre income or not filing returns-Investments made through banking channels not sufficient-Additions was confirmed.

S. 68 : Cash credits-Unexplained investment-Partner-Reconciliation was filed-Deletion of addition is justified.

S. 68 : Cash credits-Firm-Partner-Cash reflected in the ledger account of the firm-Deletion of addition is justified.

S. 68 : Cash credits-Share application money-Net worth of lending investor is sufficient to explain its creditworthiness-Addition is not sustainable.

S. 68 : Cash credits-Gift from Mother-In-Law-Identity of donor established-Addition is held to be not valid.

S. 68 : Cash credits-Unexplained investments-Limited scrutiny assessment-Telescoping-Peak-Cash deposits in bank greater than turnover-Scrutiny restricted to verify deposits-Jurisdiction not exceeded-Assessee failing to substantiate with documentary evidence-Cash deposit treated as unexplained-Bank entries showing deposits and withdrawals-Assessing Officer directed to give benefit of telescoping. [S. 69]

S. 68 : Cash credits-Cash deposit in bank account-Telescoping-Peak credit-Failure to give explanation-Reassessment was affirmed-On merit the Assessing Officer was directed to work out peak credit and restrict the addition to extent of peak credits. [S. 147, 148]