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...
Profits from an eligible windmill unit's electricity transferred for captive consumption qualify for deduction under section 80IA. The profit must be computed using the rate charged by the Electricity Board to consumers, rather than the lower rate paid by the Board to generating companies. Payments were not liable to disallowance merely because payees could not be produced after a substantial lapse of time or because expenditure had increased over earlier years. The nature of payees, including labourers, contractors and job workers, and the fact that several payments were below the tax-deduction threshold, precluded treatment of the payments as unexplained. Deduction for captive wind-generated electricity and the payment claims were consequently accepted.
Profits from an eligible windmill unit's electricity transferred for captive consumption qualify for deduction under section 80IA. The profit must be computed using the rate charged by the Electricity Board to consumers, rather than the lower rate paid by the Board to generating companies. Payments were not liable to disallowance merely because payees could not be produced after a substantial lapse of time or because expenditure had increased over earlier years. The nature of payees, including labourers, contractors and job workers, and the fact that several payments were below the tax-deduction threshold, precluded treatment of the payments as unexplained. Deduction for captive wind-generated electricity and the payment claims were consequently accepted.
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