Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is available activity-wise and the rental income is not defined as per the section 80P, however assessee has shown such income separately and paid the taxes thereon. Hence, the question of disallowance u/s 80P does not arise, specifically when the assessee has never claimed deduction under section 80P of the Act in respect of the rental income and income sale of crackers.
Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is available activity-wise and the rental income is not defined as per the section 80P, however assessee has shown such income separately and paid the taxes thereon. Hence, the question of disallowance u/s 80P does not arise, specifically when the assessee has never claimed deduction under section 80P of the Act in respect of the rental income and income sale of crackers.
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