S. 68 : Cash credits-Burden of proof-Receipts of sums of deposits, receipts of sums refunded furnished by the assessee-Details not untrue-Burden discharged-Additions is not justified. [S.292C]

S. 68: Cash credits-Assessee filed confirmation of parties and repayment-Matter Remanded for fresh adjudication.

S. 68 : Cash credits-Unsecured loan-Proved identity, genuineness and creditworthiness of the loan transactions-Order of CIT(A) deleting the addition is affirmed.

S. 60 : Transfer of income where there is no transfer of assets-Revocable transfer-Reduction of share capital and subsequently, conversion of FCD into equity shares-Written off its investment in its Profit and Loss account-There is no generation of income in the transaction of reduction in share capital and conversion of FCDs into shares-Addition is deleted.[S. 63]

S. 57 : Income from other sources-Deductions-Interest earned on fixed deposit-Nexus between expenditure incurred and the income earned [S.56,57(iii)]

S. 57 : Income from other sources-Deductions-Compulsory acquisition of property-Interest on enhanced compensation .[S. 28(i), 56(2)(viii), 57(iv), 145B(1)]

S. 57 : Income from other sources —Deductions-Shortfall in sale consideration for transaction of Sale Of Equity Shares-Burden of fees paid for sale transaction claimed during year of sale-Genuineness of expenditure not in doubt and facts narrated by assessee found correct-Not to be disallowed merely because paid in earlier year.[S.56(2), 57(1)]

S. 56 : Income from other sources-Assessee’s plant at pre-operation stage, interest accruing on fixed deposits after business set up, deposits linked with projects would not alter character of income after business set up. [S. 28(i)]

S. 56 : Income from other sources-Share premium-Valuation of shares-Share premium reflected in balance-sheet-Figures reflected in books of account or in balance-sheet prepared in accordance with Companies Act, 1956-AO does not have power to disturb-Share premium to be included in “reserves and surplus”-AO under “liability approach” ignoring share premium in balance-sheet under “reserve and surplus”-Under “asset approach”, treating share premium as liability-Both workings flawed-Net asset value method adopted by assessee recognised method-Taxation of share premium u/s. 56(2)(viib) of the Act is only by way of deeming fiction.-Addition unsustainable: [S. 56(2)(viib),Rule ,11UA]

S. 56 : Income from other sources-Redevelopment-Rent-Alternative accommodation-Rent Received from builders on account of redevelopment for alternate accommodation-Hardship allowance-Not taxable as income from other sources.[S. 4]