Mis-declaration and Concealment: confiscation affirmed, transaction value re-determined and mandatory penalty sustained; redemption allowed on payment...
Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Assessee successfully met the initial burden to prove identity, creditworthiness and genuineness of unexplained cash credits from an investor company; the AO failed to make independent enquiries or produce contrary material, so additions under section 68 were deleted. Assessee's claim of agricultural income, previously accepted in an earlier year and supported by ownership of agricultural land, was held genuine and the related addition was deleted. Assessee also satisfied factual conditions for long term capital gains by acquiring shares through preferential allotment, paying by account payee cheques, holding for requisite period and selling on a recognised stock exchange with STT paid; denial of section 10(38) benefit was reversed.
Assessee successfully met the initial burden to prove identity, creditworthiness and genuineness of unexplained cash credits from an investor company; the AO failed to make independent enquiries or produce contrary material, so additions under section 68 were deleted. Assessee's claim of agricultural income, previously accepted in an earlier year and supported by ownership of agricultural land, was held genuine and the related addition was deleted. Assessee also satisfied factual conditions for long term capital gains by acquiring shares through preferential allotment, paying by account payee cheques, holding for requisite period and selling on a recognised stock exchange with STT paid; denial of section 10(38) benefit was reversed.
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