S. 68 : Cash credits-Cash deposits in bank-Demonetization-period-Distinction between cash credits and cash receipts towards sales-Trade advances-Subsequently converted in to sales-Cash receipts recorded in the books of account-Assessing Officer has not disputed the sales-Cash balance in the books as on 8 th November 2016 is higher than the cash deposited in the Bank-Not pointed out any discrepancy in purchases or stock-in-trade-Purchases and sales have been accepted by GST Authorities-Need not obtain confirmation-Law does not mandate-Rule 114B, for compliance of KYC norms in respect of sales exceeding Rs. 2lkhs is became mandatory w.e. f. 4th May 2023 under the Prevention of Money Laundering Act, 2002-Order of CIT(A) deleting the addition is affirmed. [S.115BBE, 131(1), 133(6)]

S. 68 : Cash credits-Shares-Capital gain-Exemption-Transferred to Demat account-Amalgamated-Penny stock-Accommodation entry-Sunrise Asian Ltd-Cross examination not provided-Order of CIT(A) deleting the addition is affirmed.[S.10(38), 45, 69C]

S. 68: Cash credit-Abnormal profit of 92 percent from sub-contracts of Government construction projects-CIT(A) failure to examine the details of works contract-Matter remanded to the Assessing Officer to examine of the genuineness of the payments received by the assessee and decide accordingly. [S. 143(3)]

S. 68 : Cash credits-Share capital-Non-resident-Mauritius based holding company-Proviso does not apply to non-resident company-Proved identity and genuineness by filing the bank account statement of itself and the certificate of incorporation-Order of CIT(A) deleting the addition is affirmed.

S. 68 : Cash credits-Share application money-Survey-Statement on oath-Retraction-Produced documents of all investors-Merely on the basis of statement addition is not valid-Reassessment-After the expiry of four years-Reassessment on the basis of statement in the course of survey is valid.[S.133A, 147, 148]

S. 68 : Cash credits-Loan-Genuineness is proved-TDS deducted-Addition is deleted.

S. 45 : Capital gains-Full value of consideration-Amount kept in escrow account-Share purchase agreement-The unreleased amount kept is escrow account as deposits cannot be assessed as sale consideration-Amount can be taxed in later years in respective years of receipt or accrual.[S. 4,5, 48]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Failure to produce the evidence to demonstrate that each bill is less than Rs.20,000-Addition is affirmed.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Amendment made by Finance (No. 2) Act, 2014-Matter remanded to the Assessing Officer.

S. 37(1) : Business expenditure-Interest on tax deduction at source-Not allowable as business expenditure.