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...
Interest on belated payment of self-assessed tax was held recoverable as a statutory consequence under section 50(1) where the tax was paid only after departmental pointing-out. Sections 73 and 74, read with section 75(12) and section 79, were treated as a complete code for the relevant recovery mechanism, and unpaid interest remained recoverable notwithstanding those provisions. The explanation to section 75(12) was read broadly enough to cover tax payable on outward supplies not included in the return, so the recovery proceedings were sustainable. Mere reference to section 74 in the summary forms did not invalidate them, though the matter was remitted for reconsideration of the reply and a fresh order.
Interest on belated payment of self-assessed tax was held recoverable as a statutory consequence under section 50(1) where the tax was paid only after departmental pointing-out. Sections 73 and 74, read with section 75(12) and section 79, were treated as a complete code for the relevant recovery mechanism, and unpaid interest remained recoverable notwithstanding those provisions. The explanation to section 75(12) was read broadly enough to cover tax payable on outward supplies not included in the return, so the recovery proceedings were sustainable. Mere reference to section 74 in the summary forms did not invalidate them, though the matter was remitted for reconsideration of the reply and a fresh order.
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