S. 68 : Cash credits-Loans-Lender companies replied to the Assessing Officer in response to notice received by them and also filed the documents called including balance sheet-Inspectors report stating that lender companies are not traceable-Statement of parties taken in the course of survey was neither given nor given an opportunity of cross examination-No adverse inference can be drawn against the asseesee-Deletion of addition was held to be justified. [S.133(6), 133A]
S. 68 : Cash credits-Share application money-Genuineness not established-Addition was justified-Un secured loan-Onus discharged-Addition was not justified. [S. 131]
S. 68 : Cash credits-Convertible warrants-Receipts of money over three years-Genuineness of and creditworthiness of transaction was established-Deletion of addition was justified.
S. 68 : Cash credits-Unsecured loans-Failure to follow principle of natural jus Failure to provide an opportunity of cross examination-Addition is held to be not justified.
S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of property within one year before transfer-Actual possession handed over by within one year after transfer of second Property-Entitled to deduction. [S. 45]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Departmental valuation officer-Objection of the assessee was not considered-Transfer of development rights-Matter remanded. [S. 45]
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of land-Not debited to profit and loss account-Disallowance cannot be made.
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of capital asset or investment-No disallowance can be made.
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Settlement of loan shown in profit and loss account-No expenditure was claimed-No disallowance can be made.
S. 37(1) : Business expenditure-Provision for advertisement-Liability crystalised in the following year-Not allowable-Provision for warranty-Directed to verify and allow.