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...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Validity of order passed by the ITSC - Settlement of a case - Bogus purchases and Accommodation entries - ITSC allowed certain amounts to be capitalized with depreciation - ITSC also granted immunity from penalties and prosecution - The High Court concluded that the ITSC acted within its powers in accepting the expenditure claims based on the documents seized during raids, which showed the cash generated from the bogus purchases was indeed used for stated capital expenditures. Regarding the deduction under Section 80IB(10), the High Court supported the ITSC’s decision, stating that the ITSC appropriately allowed the deduction after considering the ad hoc disallowances made in the previous years which impacted the project's profitability in the assessment year 2009-10. - The High Court dismissed the Revenue’s petition, upholding the ITSC’s order.
Validity of order passed by the ITSC - Settlement of a case - Bogus purchases and Accommodation entries - ITSC allowed certain amounts to be capitalized with depreciation - ITSC also granted immunity from penalties and prosecution - The High Court concluded that the ITSC acted within its powers in accepting the expenditure claims based on the documents seized during raids, which showed the cash generated from the bogus purchases was indeed used for stated capital expenditures. Regarding the deduction under Section 80IB(10), the High Court supported the ITSC’s decision, stating that the ITSC appropriately allowed the deduction after considering the ad hoc disallowances made in the previous years which impacted the project's profitability in the assessment year 2009-10. - The High Court dismissed the Revenue’s petition, upholding the ITSC’s order.
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