Where the documentary evidences furnished by assessee clearly supported the claim of exemption under section 10(38) on account of sale of securities that assessee entered into genuine transaction of sale of shares through recognized exchange upon which STT had also been paid and there was no other evidence available on record against assessee so as to make the impugned addition under section 68, accordingly, addition was to be deleted.
Assessee was entitled to exemption under section 54 even if he had not taken possession nor the purchase deed had been executed within the period of three years because the delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of assessee.
Addition under section 69B of unaccounted money invested in purchase of land by assessee by paying in cash to sellers of land was justified as assessee-purchaser had no evidence to controvert the same.
CIT(A) erred in dismissing assessee’s appeal and passing a non-speaking order on each of the points which arose for his consideration, therefore, CIT(A) was directed to pass denovo order as per law, in accordance with Sections 250 and 251 for fresh disposal of appeal filed by assessee.
Where assessee had furnished relevant evidences such as copies of bank statement, demat account, share purchase documents and share certificate., etc., to prove its bogus long-term capital gain on sale of shares and no adverse material had been brought on record by AO to disprove the claim of assessee, addition made under section 68 on account of unexplained credit could not be sustained.
Assessee-society would not cease to exist as educational institute because it was providing hostel facility or transportation facility or mess facility, as it was an incidental to the education purpose of the assessee-society thus, no exemption u/s 11 could be denied to assessee- society.
Since assessment under section 153C was made only on the basis of incriminating documents such as balance sheet and profit and loss account which were not related to assessment years under appeals, therefore, assessment was invalid as no incriminating material was found during the course of search to proceed against the assessee.
If the genuineness of a donation in one year is doubted, the addition, if any, can be made in the assessment of the relevant assessment year in accordance with law. However, that, by itself, would not be sufficient to withdraw the registration under Section 12AA(3).
Reassessment under section 147 on the basis of report of Investigation Wing without conducting further enquiry on the same was invalid and liable to be set aside.
Where assessee placed sufficient documentary evidences before A.O. to prove genuineness of the transaction of sale of shares such as copies of bank statement, Demat account, share purchase documents and share certificate., etc., and no material had been brought on record against assessee to disprove the claim of assessee, addition made under section 68 on account of bogus long-term capital gain on sale of shares could not be sustained.
