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 claimed on unsecured loans admitted to be bogus accommodation entries is treated as non-deductible as a consequential matter. The tax deducted at source component of such interest must be excluded from the disallowance. Estimated commission additions for obtaining accommodation entries require corroborative evidence of payment or a reliable basis for estimation; a presumption alone is insufficient. Accordingly, the interest disallowance is retained after excluding tax deducted at source, while the commission additions are deleted.
Interest claimed on unsecured loans admitted to be bogus accommodation entries is treated as non-deductible as a consequential matter. The tax deducted at source component of such interest must be excluded from the disallowance. Estimated commission additions for obtaining accommodation entries require corroborative evidence of payment or a reliable basis for estimation; a presumption alone is insufficient. Accordingly, the interest disallowance is retained after excluding tax deducted at source, while the commission additions are deleted.
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