Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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...
The assessee's claim that bank credits were merely sale proceeds collected as a commission agent for farmers was rejected because no confirmations, agreements or other supporting material were produced. However, the estimate of profit at 12.5% of the total bank credits was held excessive, as the AO had not relied on comparable cases or other evidence to justify that rate. Following prior ITAT authority on fruits and vegetables trade, income was directed to be estimated at 4% of the total bank credits, and the addition was reduced accordingly.
The assessee's claim that bank credits were merely sale proceeds collected as a commission agent for farmers was rejected because no confirmations, agreements or other supporting material were produced. However, the estimate of profit at 12.5% of the total bank credits was held excessive, as the AO had not relied on comparable cases or other evidence to justify that rate. Following prior ITAT authority on fruits and vegetables trade, income was directed to be estimated at 4% of the total bank credits, and the addition was reduced accordingly.
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