S. 69 : Unexplained investments-Survey-Income from undisclosed source-Discrepancy in stocks-Excess stocks not properly verified by AO-Matter remanded for readjudication. [S. 133A, 145(3)]

S. 69 : Unexplained investments-Loan received in USD and deposited in Indian bank account-Investment on same day in mutual funds-Source of funds outside India not taxable in India-CIT (A)’s direction to obtain certified true copies of source of income is justified-Order oof CIT(A) is affirmed.

S. 69 : Unexplained investments-Profits from sale of land-Contention that assessee only acted as aggregator and seller offered income as tax-AO to examine contention of the assessee-Matter remanded. [S. 68]

S. 69 : Unexplained investments-Survey-Income from undisclosed source-Discrepancy in stocks-Excess stocks not properly verified by AO-Matter remanded for read judication. [S. 133A, 145(3)]

S. 69 : Unexplained investments-Loan received in USD and deposited in Indian bank account-Investment on same day in mutual funds-Source of funds outside India not taxable in India-CIT (A)’s direction to obtain certified true copies of source of income is justified-Order oof CIT(A) is affirmed.The CIT (A) directed the Assessing Officer to obtain from the assessee, the certified true copies of the above documents from the bank and furnish them before the Assessing Officer while giving effect to the appellate order. The CIT (A) further directed the Assessing Officer to delete the addition after satisfying himself that the source of such investment was from outside India. The Tribunal held that there was no infirmity in the direction issued by the CIT (A). (AY. 2009-10).

S. 69: Unexplained investments-Unexplained money-Search and seizure-Marriage Expenses of daughter-Source of funds for purchase of agricultural land-Gold Jewellery-Set off is given to cash in hand-Partly confirmed.[S.69A, 132]

S.68: Cash credits-Failure to cross-examine deponent of affidavits-Directed to delete the addition. [S. 254(1)]

S. 68 : Cash credits-Appellate Tribunal-Powers-Delay was condoned-Accountant inadvertently filed return declaring income u/s. 44AD and cash balance as at end of year-Onus upon department to disprove contention of assessee —No material brought on record to show cash generated by assessee from other activity subject to tax-Order bringing cash to tax as unexplained cash credit unsustainable.[S.44AD, 115BBE,253]

S. 68 : Cash credits-Considering the lapses on establishing creditworthiness of the investors by the Assessee and verification of the year of payment by the Assessing Officer, the Tribunal remanded the matter to the file of the Assessing Officer for de-novo adjudication. [S. 148, 250]

S. 68 : Cash credits-Share capital and share premium-The Tribunal considering gaps in the assessee’s documentation for the share premium being treated as unexplained income by the Assessing officer, remands for fresh examination.