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...
Cash-credit additions for unexplained deposits require a comprehensive examination of the taxpayer's cash-collection business model, debtor-recovery cycle, and supporting records, including debtor ledgers, subscription records, cash books and bank statements. Where such evidence has not been fully considered, the addition requires fresh adjudication after reasonable hearing, without deciding the merits or the validity of book rejection. Interest for advance-tax default is consequential to the assessment. Penalty proceedings for unexplained or under-reported income remain separate from quantum proceedings, making a challenge to their initiation premature.
Cash-credit additions for unexplained deposits require a comprehensive examination of the taxpayer's cash-collection business model, debtor-recovery cycle, and supporting records, including debtor ledgers, subscription records, cash books and bank statements. Where such evidence has not been fully considered, the addition requires fresh adjudication after reasonable hearing, without deciding the merits or the validity of book rejection. Interest for advance-tax default is consequential to the assessment. Penalty proceedings for unexplained or under-reported income remain separate from quantum proceedings, making a challenge to their initiation premature.
Note: It is a system-generated summary and is for quick reference only.
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