S. 69 :Unexplained investments-Jewellery-Jewellery bills found during search were not substantial-Poultry Farm Sale-Photocopy of an agreement to sell, allegedly retrieved from WhatsApp chat-Statement of buyer was not recorded-Additions on account were unjustified.[S. 131(IA), 132]
S. 69: Unexplained investments-Investment in plot of land-Unsigned agreement to sell-Property continued to remain in the name of seller-Addition was deleted. [S. 132, 153A]
S. 68: Cash credits-Capital is recorded through a proper banking channel-Capital introduced by a partner in the firm-No addition can be made in the hands of the firm.[S. 2(31)(iv), 133(6)]
S. 68: Cash credits-Conversion of private limited company into LLP-The transfer of share capital and reserves to partners’ accounts upon conversion-The addition was not justified since the nature and source of the credit were not explained. [S. 47(xiiib)(f), 115BBE]
S. 68 : Cash credits-Firm-Partners-Once partners’ identity, creditworthiness, and genuineness of capital contribution are established through evidence, addition u/s 68 cannot be made in the firm’s hands, as the firm is not required to explain the source of partners’ funds.[S. 2(31)(iv)]
S. 68: Cash credits-Additional evidence-Matter remanded to the CIT(A). [ITAT R. 46A]
S. 68: Cash credits-Partner’s capital-Cash flow and bank statements-Addition was deleted. [S.115BBE]
S. 68: Cash credits-Sale of shares-Penny stock-Investigation Wing/SEBI reports-Bogus long term capital gains-Accommodation entries-NCL Research & Finance Services Pvt Ltd-Shares through stock exchange-Paid STT, Disclosed transaction in return-Held shares in demat account-routed Payments through banks-Sale proceeds cannot be assessed as cash credits-Eligible for exemption-Addition of unexplained expenditure was also deleted. [S. 10(38), 45, 69C]
S. 56: Income from other sources-Gift-Brother-in-law (spouse of his sister)-through NRE account-Source of amount being from a relative-Amount was not liable to be included in the total income of assessee.[S. 56(2)(x)]
S. 56: Income from other sources-Income from other sources-Shares at premium-Cash flow method-Matter was to be restored to the file of CIT(A) for fresh adjudication.[S.56(2)(viib)]