S.68:Cash credits — Share capital — Genuineness of investors in shares were not satisfactorily explained — Order of Tribunal is affirmed .[ S.260A ]

S.68 : Cash credits – Interest- Deletion of addition is held to be justified – Provision for forward contract -Question of fact [ S. 37(1) ,260A.]

S. 68 : Cash credits -Loan – Produced details like copies of permanent account number cards, returns, balance-sheets with all the annexure and bank accounts before the Assessing Officer, that two of the creditors not only appeared before the Assessing Officer, but had also admitted giving loan and that there was nothing suspicious or doubtful in the version of those persons -Deletion of addition was held to be justified – Transportation charges – tax deducted at source, payments through account payee cheques, proper addresses and confirmation of account with permanent account numbers and gross receipts from the Municipal Corporation of Greater Mumbai on account of supply of vehicles in the financial year- Merely because the parties were not physically present before the Assessing Officer, such an addition could not have been made – Deletion of addition was held to be justified . [ S.133(6), 260A ]

S. 45 : Capital gains – Dissolution of firm -Land was introduced as capital in one of the partner –Revaluation – Land was sold before dissolution- Capital gains is assessable in the hands of firm . [ S.45(4) ]

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability -Amounts remaining unrecoverable as creditors untraceable cannot be the ground to conclude that there was cessation of liability .

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – The mere fact that the assessee has made an entry of transfer in his accounts unilaterally will not enable the Department to say that section 41 would apply and the amount should be included in the total income of the assessee- Deletion of addition was held to be justified .

S.37(1):Business expenditure — Amount spent on construction of houses for poor in Centenary Year — Expenditure not for purposes of business hence not allowable as deduction .

S.37(1): Business expenditure — Capital or revenue – Payment of non-Compete fees for retention of expertise — Expenditure incurred on account of non-compete fees is held to be revenue expenditure.

S.37(1):Business expenditure — Capital or revenue – No distinction between feature films and TV Serials – Write off of expenditure incurred on abandoned Tele serial is held to be revenue expenditure- CBDT Circular No 16 of 2015 dt.6-10-2015 is applied.[R.9A].

S.36(1)(vii) :Bad debt – Mere write off is sufficient and it is not necessary to establish that debt had become irrecoverable.