S. 69A : Unexplained money-Vouchers-Cash book-Search-Matter was remanded back for reconsideration. [S. 132, 153A]
S. 69A : Unexplained money-Vouchers-Cash book-Search-Matter was remanded back for reconsideration. [S. 132, 153A]
S. 68 : Cash credits-Share capital-Share premium-Shares allotment-Converted fully convertible debentures (FCDs) into equity shares on same price of FCDs-No credit entry during the year.
S. 68 : Cash credits-Purchases-Shown as trade creditors-Confirmation was filed-Payments were made through banking channels-Addition is not valid.
S. 57 : Income from other sources-Deductions-Interest-Not brought on record any documentary evidence to show that it had incurred interest expenditure as against income assessed under head ‘Income from other sources’-Disallowance of interest expenditure was confirmed. [S. 56]
S. 56 : Income from other sources-Share premium-Conversion of CCDs in to equity shares-Provision is applicable-Receipt of any consideration which could not be limited to receipt of money-Provision is not applicable to with respect to share premium amount received from non-resident angel investors for issuance of equity shares-DCF method for valuation-Assessing Officer was not empowered to disregard DCF valuation. [S. 56(2)(viib), R. 11UA]
S. 54 : Capital gains-Profit on sale of property used for residence-Property purchased in the name of married daughter-Exemption from capital gains tax is not available. [S. 45]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Option deposit-Option agreement for sale of twenty (20) flats in its residential project with its group entity-Addition on sale of those flats to third parties to sales value declared were unjustified. [S. 28(i)]
S. 48 : Capital gains-Computation-Debentures of company-Bonus debentures-Reinvested-Reinvested out of dividend would be considered as cost of acquisition of debentures. [S. 2(22)]
S. 43B : Deductions on actual payment-Leave encashment-constitutional validity of section 43B(f) had been upheld by Supreme Court-Disallowance is up held. [S. 43B(f)]
S. 43B : Deductions on actual payment-Business of micro-financing-Acquired loan from three banks-Interest was not paid before due date of filing of return-Disallowance is held to be justified. [S. 43B(e), 139(1)]