S.69C: Unexplained expenditure-Alleged bogus purchases-Income from undisclosed sources-No justification in making addition at the rate of 12.5 percent.
S.69C: Unexplained expenditure-Alleged bogus purchases-Income from undisclosed sources-No justification in making addition at the rate of 12.5 percent.
S. 69A : Unexplained money-Cash deposits in bank account maintained with a co-operative credit society-Collection agent of the pigmy depositors-Matter remanded to the AO for verification. [S.194H, Form No 26AS]
S. 69 :Unexplained investments-Survey-Unrecorded advances-Cash in hand recorded in the books of account exceed the amount of cash found-Addition is deleted. [S. 133A]
S. 69 :Unexplained investments-Income from undisclosed sources-Alleged bogus purchases-Sales accepted-Input VAT credit and TCS credit-Addition is deleted.[S.68, 69C]
S. 69 :Unexplained investments-Income from undisclosed sources-Cash deposits in bank-Demonetization-Sales accepted-Books of account is not rejected-Addition is deleted. [S. 68, 115BBE]
S. 69 :Unexplained investments-Un explained money-No excess stock-Survey-Merely on the basis of statement no addition can be made.[S.69A, 133A]
S. 56 : Income from other sources-Stamp value-Purchase of property jointly with eight persons-Less than stamp duty value-Addition cannot be made under section 69 of the Act-Provisions in Finance Act, 2013 has clarified that this amendment was not clarificatory in nature-It is categorically mentioned that this amendment was effective from 1st April, 2014 onwards and applicable to Assessment year 2014-15.[56(2)(vii)(b)]
S. 54B : Capital gains-Land used for agricultural purposes-Sufficient if in the two years, the land is used for agricultural purposes-Invested in capital gains scheme-Entitle to exemption. [S. 45]
S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade-Investment-Contribution of land to developer for construction of commercial complex in place of cinema hall-CIT(A) was justified in holding that invocation of S. 45(2) by the AO was not sustainable. [S. 45]
S. 45: Capital gains-Business income-Profit from sale of land-Assessee held the entire piece of land for five long years-Improvement made in the plot of land which was barren and uneven by resorting to land tilling, fencing, etc., was only with a view to make the land saleable and further plotting of the said land was also part of the same exercise-Assessable as capital gains and not as business income.[S. 2(13), 28(i)]