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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Penalty for misreporting of income under section 270A could not be sustained where the assessee had disclosed the interest income and the dispute concerned only eligibility for deduction under section 80P(2)(d). The Tribunal held that penalty proceedings are distinct from assessment proceedings, and an addition or disallowance by itself does not establish misreporting; the Assessing Officer must show that the case falls within a specific statutory category. The assessee's explanation that incorrect PAN status caused a technical difficulty was found bona fide, and there was no material of false particulars or suppression. The penalty also failed because the notice mentioned only under-reporting, while the final levy was for under-reporting due to misreporting without specifying the relevant charge.
Penalty for misreporting of income under section 270A could not be sustained where the assessee had disclosed the interest income and the dispute concerned only eligibility for deduction under section 80P(2)(d). The Tribunal held that penalty proceedings are distinct from assessment proceedings, and an addition or disallowance by itself does not establish misreporting; the Assessing Officer must show that the case falls within a specific statutory category. The assessee's explanation that incorrect PAN status caused a technical difficulty was found bona fide, and there was no material of false particulars or suppression. The penalty also failed because the notice mentioned only under-reporting, while the final levy was for under-reporting due to misreporting without specifying the relevant charge.
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