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...
Accumulated charitable income validly set aside under the pre-amendment section 11(2) regime remained available for application in the year immediately following the five-year accumulation period. The Finance Act 2022 omission of that additional utilisation year operated prospectively and did not curtail rights attached to accumulations made earlier. Accordingly, application in financial year 2022-23 of income accumulated in financial year 2016-17 was not deemed taxable income for assessment year 2023-24. Return-processing adjustments cannot disallow such a claim where eligibility depends on reconciling records and resolving debatable questions concerning statutory interpretation and the amendment's temporal operation.
Accumulated charitable income validly set aside under the pre-amendment section 11(2) regime remained available for application in the year immediately following the five-year accumulation period. The Finance Act 2022 omission of that additional utilisation year operated prospectively and did not curtail rights attached to accumulations made earlier. Accordingly, application in financial year 2022-23 of income accumulated in financial year 2016-17 was not deemed taxable income for assessment year 2023-24. Return-processing adjustments cannot disallow such a claim where eligibility depends on reconciling records and resolving debatable questions concerning statutory interpretation and the amendment's temporal operation.
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