Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Section 206AA read with Rule 114AAA(3) applied where the seller's PAN was inoperative on the date of property purchase because it was not linked with Aadhaar, so higher TDS was prima facie attracted. However, the Tribunal held that the buyer should not bear higher TDS if evidence shows the seller disclosed the transaction in her return and paid due taxes, following the principle underlying section 40(a)(ia) and section 201(1). The demand was therefore not finally sustained and the matter was remitted for de novo verification of the seller's tax disclosure and payment.
Section 206AA read with Rule 114AAA(3) applied where the seller's PAN was inoperative on the date of property purchase because it was not linked with Aadhaar, so higher TDS was prima facie attracted. However, the Tribunal held that the buyer should not bear higher TDS if evidence shows the seller disclosed the transaction in her return and paid due taxes, following the principle underlying section 40(a)(ia) and section 201(1). The demand was therefore not finally sustained and the matter was remitted for de novo verification of the seller's tax disclosure and payment.
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