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...
Additions for alleged unexplained chit subscriptions require year-specific corroborative evidence; an annual average derived from aggregate chit dealings and an uncorroborated statement cannot establish fresh investment in the relevant year. Loose sheets showing unpaid instalments and loan liabilities do not prove undisclosed income where bid amounts were repayable through later instalments. Likewise, unexplained interest expenditure requires evidence of actual payment in the relevant year; an estimate based on averaged aggregate figures is insufficient, particularly where interest was deducted upfront from borrowings. The ITAT sustained deletion of additions under sections 69 and 69C and dismissed the Revenue's appeals.
Additions for alleged unexplained chit subscriptions require year-specific corroborative evidence; an annual average derived from aggregate chit dealings and an uncorroborated statement cannot establish fresh investment in the relevant year. Loose sheets showing unpaid instalments and loan liabilities do not prove undisclosed income where bid amounts were repayable through later instalments. Likewise, unexplained interest expenditure requires evidence of actual payment in the relevant year; an estimate based on averaged aggregate figures is insufficient, particularly where interest was deducted upfront from borrowings. The ITAT sustained deletion of additions under sections 69 and 69C and dismissed the Revenue's appeals.
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