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...
ITAT set aside the disallowance of agricultural income exemption for AY 2016-17 after finding that supporting bills and invoices had been filed but not considered, while land ownership and agricultural use evidence remained incomplete; the matter was remanded for fresh adjudication with opportunity to file further material. The deletion of the addition under section 69 for unexplained investment in immovable properties was also vacated because the appellate relief had been based on additional evidence not properly dealt with, and the applicability of section 69 was left open for the Assessing Officer. For AY 2020-21, the denial of agricultural income exemption was remanded because relied-upon adverse material was not clearly confronted to the assessee, requiring fresh decision after hearing.
ITAT set aside the disallowance of agricultural income exemption for AY 2016-17 after finding that supporting bills and invoices had been filed but not considered, while land ownership and agricultural use evidence remained incomplete; the matter was remanded for fresh adjudication with opportunity to file further material. The deletion of the addition under section 69 for unexplained investment in immovable properties was also vacated because the appellate relief had been based on additional evidence not properly dealt with, and the applicability of section 69 was left open for the Assessing Officer. For AY 2020-21, the denial of agricultural income exemption was remanded because relied-upon adverse material was not clearly confronted to the assessee, requiring fresh decision after hearing.
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