https://www.taxtmi.com/caselaws?id=267495 Share capital received from a large body of subscribers was treated as unexplained cash credit where identity, genuineness and creditworthiness were not established for the bulk of the shareholders, though relief was retained for the limited set proved on record. Supplemental lease rent for leased aircraft was held not taxable on the facts, so no deduction obligation arose. Payments for training and manpower development required fresh examination on whether technical knowledge was made available. Payment for use of the computerised reservation system, and several business expenditure claims including free tickets, foreign travel and consultancy charges, were largely sustained in the assessee's favour. The section 201 order was also found time-barred, and grossing up did not survive. en-us Wed, 04 Nov 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267495 Share capital received from a large body of subscribers was treated as unexplained cash credit where identity, genuineness and creditworthiness were not established for the bulk of the shareholders, though relief was retained for the limited set proved on record. Supplemental lease rent for leased aircraft was held not taxable on the facts, so no deduction obligation arose. Payments for training and manpower development required fresh examination on whether technical knowledge was made available. Payment for use of the computerised reservation system, and several business expenditure claims including free tickets, foreign travel and consultancy charges, were largely sustained in the assessee's favour. The section 201 order was also found time-barred, and grossing up did not survive. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267495