S. 68: Cash credits-Long-term capital gains-Penny stock-Information from investigation wing-Sale of shares through stock exchange and consideration received through stock broker in banking channels-Copies of physical share certificates produced-Sale consideration cannot be considered as unexplained cash credit-Entitle to exemption. [ S.10(38), 45 ]
S. 68 : Cash credits-Unexplained money-Demonetisation period-Members-Addition is not justified. [S. 69A, 115BBE]
S. 68: Cash credits-Unsecured loan-Genuineness of cash credits proved-Addition is deleted-Re assessment is affirmed.[S.143(1), 147, 148]
S. 68 : Cash credits-Partner-Firm declaring income under Income Declaration Scheme but not paying taxes thereon-Income belonging to firm whether disclosed or undisclosed to be taxed only in hands of firm and not in hands of partner-Share of income from firm not taxable in Assessee’s hands. [S.10(2A)-Income-Circular No. 8 of 2014, Dated 31-3-2014 [2014] 362 ITR(St) 33
S. 68 : Cash credits-Demonetisation-Trading in gold and diamond jewellery and precious stones-Receipts from sales-Sales recorded in sales register, stock register, cash book and forming part of overall sales credited in profit and loss account and offered to tax as business income-Addition cannot be made as cash credits. [S. 132(4)]
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]