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...
HC held that CBDT condonation circulars for delayed filing by co-operative societies must be read liberally to relieve genuine hardship, not narrowly through hyper-technical demands for day-to-day explanations. Where the societies were otherwise eligible for deduction and the delay stemmed from audit-related compliance difficulties, the lapse was a procedural default against a substantive entitlement. In the absence of any allegation of tax evasion, the rejection orders were unsustainable. The condonation applications were treated as allowed, and the assessment and appellate authorities were directed to proceed on the footing that the delay in filing the returns stood condoned.
HC held that CBDT condonation circulars for delayed filing by co-operative societies must be read liberally to relieve genuine hardship, not narrowly through hyper-technical demands for day-to-day explanations. Where the societies were otherwise eligible for deduction and the delay stemmed from audit-related compliance difficulties, the lapse was a procedural default against a substantive entitlement. In the absence of any allegation of tax evasion, the rejection orders were unsustainable. The condonation applications were treated as allowed, and the assessment and appellate authorities were directed to proceed on the footing that the delay in filing the returns stood condoned.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
