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 levied u/s 271B - assessee has filed the tax audit report belatedly - business of the assessee was totally came to a standstill and matters went to a very critical level that her properties were put for auction by the bankers - Since the assessee was prevented by reasonable cause for not getting her books of accounts audited in time as required under the provisions of section 44AB of the Act, but filed the tax audit report before completion of the assessment, No penalty - AT
Penalty levied u/s 271B - assessee has filed the tax audit report belatedly - business of the assessee was totally came to a standstill and matters went to a very critical level that her properties were put for auction by the bankers - Since the assessee was prevented by reasonable cause for not getting her books of accounts audited in time as required under the provisions of section 44AB of the Act, but filed the tax audit report before completion of the assessment, No penalty - AT
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