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...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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Where sales were fully recorded in the assessee's books and there was no evidence of suppressed sales, a separate 6% profit addition on those sales was impermissible even though the counterparties were alleged bogus entities. The Tribunal had sustained addition only on the bogus purchases, and no material displaced that factual basis. The Assessing Officer had not recorded any finding that the sales themselves were bogus or that a further sales addition was warranted. The HC therefore dismissed the revenue's appeals and upheld rejection of the further profit addition.
Where sales were fully recorded in the assessee's books and there was no evidence of suppressed sales, a separate 6% profit addition on those sales was impermissible even though the counterparties were alleged bogus entities. The Tribunal had sustained addition only on the bogus purchases, and no material displaced that factual basis. The Assessing Officer had not recorded any finding that the sales themselves were bogus or that a further sales addition was warranted. The HC therefore dismissed the revenue's appeals and upheld rejection of the further profit addition.
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