S. 68 : Cash credits-Unexplained investments-Limited scrutiny assessment-Telescoping-Peak-Cash deposits in bank greater than turnover-Scrutiny restricted to verify deposits-Jurisdiction not exceeded-Assessee failing to substantiate with documentary evidence-Cash deposit treated as unexplained-Bank entries showing deposits and withdrawals-Assessing Officer directed to give benefit of telescoping. [S. 69]

S. 68 : Cash credits-Cash deposit in bank account-Telescoping-Peak credit-Failure to give explanation-Reassessment was affirmed-On merit the Assessing Officer was directed to work out peak credit and restrict the addition to extent of peak credits. [S. 147, 148]

S. 68 : Cash credits-Evidence of persons not furnished-Identity and genuineness of transaction not proved-Additions sustained-Advance received from related parties-All evidences presented-Amount paid subsequently adjusted against sales made to these parties-Books of accounts accepted by Assessing Officer-Entries related to related parties accepted-Not-Co-borrowers-3 HUF having independent identity-Carrying on business out of their own independent source-Addition is not justified. [S. 69A]

S. 56 : Income from other sources-Share premium-Valuation of shares-Additional evidence-Exempted party-Matter remanded.[S. 56(2)(viib)]

S. 56 : Income from other sources-Purchase of property for consideration less than stamp duty value-Agreement executed on 31-3-2013-Addition is not valid. [S. 56(2)(vii)(b)(ii)]

S. 56 : Income from other sources-Purchase consideration and stamp valuation-Remand report-Deletion of addition is held to be justified. [S. 56(2) (vii)(b)]

S. 56 : Income from other sources-Interest on enhanced compensation for compulsory acquisition of land-Method of accounting-Taxable in year of receipt irrespective of system of accounts followed-Considering hardship 50 Per Cent. deduction allowed [S. 56(2)(viii), 57(iv), 145A]

S. 56 : Income from other sources-Shares issued-Non-Resident-Provision is not applicable. [S. 2(24)(xvi), 56(2)(viib)]

S. 56 : Income from other sources-Issues of shares in excess of fair market value-Consideration received by Venture Capital Undertaking-Exception-Conditions prescribed satisfied-Premium of issue of shares not taxable. [S. 10(23FB), 56(2)(Viib), Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, S. 2(n)].

S. 56 : Income from other sources-Share premium-The additional shares of the assessee-company were issued and allotted on a pro rata basis to the existing shareholders-Addition is not justified. [S. 56(2)(viib)]