“Section 133(6)(n)”

Additions under Section 68 for cash credits are not sustainable if all relevant information was already available to the Assessing Officer.

The Delhi High Court held that the assessee has a duty to establish the genuineness of share application money received, and mere furnishing of details is insufficient. The court restored additions made under section 68 when the Tribunal had deleted them based on insufficient grounds.

An Assessing Officer cannot insist on personal appearance to prove identity, creditworthiness, and genuineness of share transactions if the assessee has provided sufficient evidence and details. The AO can only take an adverse view if there are discrepancies or insufficiency in the furnished evidence, or if further investigation by the AO reveals issues.

The exemption under section 54F(1) of the Income-tax Act, 1961, is available for capital gains arising from the transfer of a long-term capital asset that is not a residential house.

If the notice for reassessment proceedings under section 148(2) is found to be invalid or lacks sufficient reason, no reassessment proceedings can be initiated, as the entire structure of reassessment relies on a valid foundation.

A loan or advance from a company to a shareholder is considered a deemed dividend under Section 2(22) only if the shareholder holds shares representing 10% voting power and is the beneficial owner of those shares. If the shareholder has divested their interest in the shares, the provision is inapplicable.