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...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Deduction under Section 80I on the profits and gains of an industrial undertaking had to be computed without first reducing the deduction claimed under Section 32AB. Applying the Supreme Court's distinction between 'profits and gains' and 'income' in Vijay Industries, the Court held that Section 80I is to be worked out on the undertaking's profits themselves, not on a net figure after the 32AB reduction. The Tribunal was therefore wrong to direct such reduction, and the question was answered for the assessee and against the Revenue.
Deduction under Section 80I on the profits and gains of an industrial undertaking had to be computed without first reducing the deduction claimed under Section 32AB. Applying the Supreme Court's distinction between 'profits and gains' and 'income' in Vijay Industries, the Court held that Section 80I is to be worked out on the undertaking's profits themselves, not on a net figure after the 32AB reduction. The Tribunal was therefore wrong to direct such reduction, and the question was answered for the assessee and against the Revenue.
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