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...
Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction - The case involved an appeal filed by the Revenue against the deletion of an addition made under section 68 of the Income Tax Act regarding share capital and premium received by the Assessee. The Revenue argued that the transaction was not adequately explained and deemed to be bogus. However, the Tribunal upheld the decision to delete the addition, as the Assessee provided sufficient evidence to prove the genuineness of the transaction and the credibility of the share applicants.
Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction - The case involved an appeal filed by the Revenue against the deletion of an addition made under section 68 of the Income Tax Act regarding share capital and premium received by the Assessee. The Revenue argued that the transaction was not adequately explained and deemed to be bogus. However, the Tribunal upheld the decision to delete the addition, as the Assessee provided sufficient evidence to prove the genuineness of the transaction and the credibility of the share applicants.
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