S. 80IC : Special category States-Initial assessment year-Substantial expansion within a period of 10 years-Substantial expansion was undertaken would become initial assessment year-Entitled to 100 per cent deduction for a total period of ten years as provided in section 80IC(6) of the Act. [S. 80IC(6)]
S. 80IAB : Undertaking-Development of Special Economic Zone-Lease rental-business’ of developing-Eligible for deduction.
S. 80IA : Industrial undertakings-Infrastructure development-solid waste management-Agreement with Municipal corporation-Substantial work by assessee-Entitle deduction.
S. 80IA : Industrial undertakings-Deduction disallowed for interest on delayed payments-bore no nexus to the industrial activity of power generation-disallowed.
S. 69 : Unexplained investments-NRI purchasing property in India-Gave satisfactory explanation of source of fund-Even if explanation was not satisfactory no addition can be made.
S. 69 : Unexplained investments-Cash deposited in bank account-Remand report-Once the AO has examined the document so produced by the assessee and recorded his satisfaction regarding the identity of the donors, genuineness of the gifts and sources of such gifts, the assessee has discharged the necessary onus cast on her and the addition directed to be deleted.
S. 69 : Unexplained investments-Income from undisclosed sources-Information coming to assessing officer of bank accounts in switzerland relating to assessee-Interest on balance in accounts computed and treated as undisclosed income-Tribunal for earlier year holding assessee not owner of amount in accounts and interest cannot be added in assessee’s hands.
S. 68 : Cash credits-Sale of shares-Neither assessee nor his brokers were named as illegitimate beneficiaries to bogus LTCG in any reports/orders of investigation wing-Assessable as long term capital gains.[S. 10(38), 45, 115BBE]
S. 68 : Cash credits-Share capital-Established identity and creditworthiness by filing copy of confirmation of accounts, copy of PAN card, bank statement ITR acknowledgement and financial statements-Addition is held to be not justified.
S. 68 : Cash credits-Unsecured Loans-Initial burden is discharged by assessee-Low profit in return of income doesn’t mean no creditworthiness-Addition deleted.