S.68 :Cash credits-Search and seizure-Failure to explain receipts-Declaring the receipts to be sale of agriculture land-Cannot be treated as unexplained-Sum to be treated as capital gains and indexation to be allowed-Matter remanded.[S. 45, 48 55]

S. 68 : Cash credits-Share capital and share premium-Investors engaged in agricultural and farming activities-All subscribers personally appeared and confirmed investments upon summons-No adverse inference drawn in remand report-Addition to be deleted.

S. 68 : Cash credits-Failure by assessee to disclose cash deposits-Assessee submitted power of attorney and agreement before Department-Instrument not accepted-Party who paid cash unable to provide registered deed relating to transfer of property-Matter set aside and remanded to verify purchase of property.

S. 68 : Cash credits-Amounts returned in cheque and other amount returned in cash to square off account-Cannot be unexplained cash credits-Assessee in real estate business-10% profit-Addition would meet ends of justice.[S. 69, 132(4)]

S. 68 : Cash credits-Share capital and premium-Summons served on directors and subscribers-Service of summons sufficient to prove identity of subscribers-Bank statements of subscribers showing sufficient funds prove creditworthiness-Transaction genuine as done through banking channels-onus of assessee discharged-Mere ground that person summoned did not appear insufficient ground for addition.[S. 131]

S. 68 : Cash credits-Income from undisclosed source-claim that cash deposited was out of cash withdrawals-No document to substantiate claim-Link not established-Addition is justified.

S. 68 : Cash credits-Burden of proof-Share Application money and share premium-Availability of sufficient funds-Statements of directors recorded, confirmed decision of the board to invest in assessee-Burden of proof of assessee to prove identity and creditworthiness discharged-AO is not making any inquiry or finding any discrepancy in evidence-Proviso requiring assessee to prove source of credits not applicable-Additions is not justified.

S. 68 : Cash credits-On money received for sale of units in housing projects-Improbable to make profits upto 50%-properties sold not high end-On money element added at 50% of booked price very high-Additions to be restricted to 15%.-Order to be not treated as precedent.

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-Addition is not justified. [S.292C]

S. 57 : Income from other sources-Deductions-Purchase of land for construction of hotel building-Capitalisation of project and preoperative expenses pending-FDs receipts purchased for letter of credit and bank guarantees given to various suppliers-Interest income not income from other sources-AO to consider interest as part of capital receipt and to be deducted from cost of project. [S. 56, 57(ii)]