Consideration received for relinquishment of right in property is assessable under the head income from capital gains.
Held that exemption u/s 11 will not be available to an assessee if the total income of the assessee includes any income which is hit by the proviso to provisions of section 2(15) of the Act.
Held that the assesee funds/surplus has been utilised and diverted in violation of several provisions of Section 13(1) & 13(2) of the Act. Exemption u/s 11 denied.
Books of accounts maintained by the assessee were audited and accepted by the AO. Cash sales and cash realized from debtors were also known to AO. Addition u/s 69A of cash deposited deleted.
The assessee was used as a conduit company along with other companies to violate the provisions of minimum public shareholding criteria under SEBI Laws. Accordingly, addition confirmed as the amounts credited in the books of accounts of assessee lack genuineness.
The Hon’ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee.
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