S. 80G : Donation-Inability of file fresh application owing to technical glitches in the portal-Assessee is entitled to file fresh application under cl. (iii) of first proviso to sub-s. (5) of s. 80G before the CIT(E), in view of Circular No. 7 of 2024, dt. 25th April, 2024 even manually, in case technical glitches continues to disallow filing thereof-CIT(E) is directed to dispose of the application in accordance with law.[S.80G(5), Form No 10AC]

S. 69A : Unexplained money-Income from undisclosed sources-Cash deposits in banks-Demonetization-Sale of goods-Deposited by customers-Addition is deleted. [s. 133(6)]

S. 69A : Unexplained money-Disclosure of unexplained jewellery in the course of search-Income offered in the return of income-Assessing officer is justified in assessing the income as income from undisclosed sources and assessing the income at per section 115BBE of the Act.[S.155BE, 132]

S. 69 : Unexplained investments-Cash deposit-Bank-Demonetization period-Sales-Addition is deleted.

S. 68 : Cash credits-Long term capital gains-Allegation by SEBI-Price manipulation-Contract note of shares, demat details, details of bonus shares, etc were filed-Denial of exemption is not justified.[S. 10(38), 45]

S. 68 : Cash credits-Cash deposits in bank account-demonetization period-Sales not doubted-Books of account not rejected-Addition is sustained only of 10 per cent of cash deposit to avoid the possibility of revenue leakage-Liable to be assessed as normal rate and not enhance rate as per S.115BBE of the Act. [S.115BBE]

S. 57 : Income from other sources-Deductions Secured debentures-Interest income during pre-commencement period-Entire investment was out of borrowed funds-Interest expenditure is allowable as deduction. [S.56, 57(iii)]

S. 56 : Income from other sources-Difference between purchase consideration and valuation made by DVO-An anti-avoidance provision-No infirmity in valuation report-There is no provision in the Act that before invoking the provisions of s. 56(2), the AO or the CIT(A) should prove with evidence that there is a transaction of on-money and then only addition can be made-Order of CIT(A) is affirmed. [S.56(2)(x)(b)]

S.54F : Capital gains-Investment in a residential house-Notarized Will-Sale of inherited jewellery-The Assessing Officer cannot ask the evidence beyond time specified in R. 6F(5)-Directed the assessee to reconcile the quantum of jewellery with the valuation report, matter remanded to the CIT(A) [S. 45, 56, R.6F(5)]

S. 50C : Capital gains-Full value of consideration-Capital asset-Stamp valuation-sale of leasehold rights in land-Industrial plot of land was allotted by MIDC under a lease agreement-Provision of S.50C is not applicable-Value of industrial plot of land was less than actual consideration-First and second proviso is applicable.[S.2(14), 45, 50C(1)]