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...
Unexplained income - whether withdrawals in the name of the partners of the firm represents the unaccounted income of the firm? - The Tribunal first looked into Section 292C of the Act and thereafter, noticed from the materials on record that the note in question was duly signed not only by all the partners of the firm, but also by three witnesses. The names of the partnership firm also figured in it. The Tribunal also took notice of the fact that the withdrawal of the money was from the firm. - No substantial law against the Additions confirmed by the ITAT - HC
Unexplained income - whether withdrawals in the name of the partners of the firm represents the unaccounted income of the firm? - The Tribunal first looked into Section 292C of the Act and thereafter, noticed from the materials on record that the note in question was duly signed not only by all the partners of the firm, but also by three witnesses. The names of the partnership firm also figured in it. The Tribunal also took notice of the fact that the withdrawal of the money was from the firm. - No substantial law against the Additions confirmed by the ITAT - HC
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