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...
Penalty immunity under the Direct Tax Vivad Se Vishwas Scheme does not extend to an independent penalty for failure to obtain a statutory tax audit merely because related quantum additions were settled. The penalty issue remains separately examinable. For futures and options transactions, tax-audit applicability depends on evidence establishing the transaction nature and turnover computation under the ICAI Guidance Note. Where the record does not show whether transactions were futures and options or delivery-based, the tax-audit requirement and consequential penalty require factual verification by the Assessing Officer after the taxpayer provides supporting particulars.
Penalty immunity under the Direct Tax Vivad Se Vishwas Scheme does not extend to an independent penalty for failure to obtain a statutory tax audit merely because related quantum additions were settled. The penalty issue remains separately examinable. For futures and options transactions, tax-audit applicability depends on evidence establishing the transaction nature and turnover computation under the ICAI Guidance Note. Where the record does not show whether transactions were futures and options or delivery-based, the tax-audit requirement and consequential penalty require factual verification by the Assessing Officer after the taxpayer provides supporting particulars.
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