Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Section 54F requires purchase of the new residential house within the statutory period, and an unregistered banakhat by itself was not enough to prove completion of purchase within that time frame. Because the substantial payment was made more than one year before transfer and the registered sale deed was executed beyond two years after transfer, the deduction could not be sustained on the existing record; the issue was restored for limited verification of the flow of funds and linkage with sale proceeds. The addition under section 69 also required fresh factual examination, as the bank statements and documentary evidence were not properly verified and it was unclear whether all material had been before the AO. Both matters were remanded.
Section 54F requires purchase of the new residential house within the statutory period, and an unregistered banakhat by itself was not enough to prove completion of purchase within that time frame. Because the substantial payment was made more than one year before transfer and the registered sale deed was executed beyond two years after transfer, the deduction could not be sustained on the existing record; the issue was restored for limited verification of the flow of funds and linkage with sale proceeds. The addition under section 69 also required fresh factual examination, as the bank statements and documentary evidence were not properly verified and it was unclear whether all material had been before the AO. Both matters were remanded.
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