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...
Interest Liability on Electronic Credit Ledger Payments - Seeking levy of interest only on that part of the tax which is paid in cash - The High court concluded that the levy of interest depends not on the type of ledger used (cash or credit) but on the timing of the tax payment relative to the filing of returns. Interest is applicable on delays in tax payments made after the due date of return filing, regardless of whether the payment is from the Electronic Credit Ledger or the Cash Ledger. The court found that while the Monitoring Committee can issue guidelines, its decisions are not binding on the Proper Officer in the context of tax recovery. The Proper Officer retains autonomy in assessing and executing recovery based on individual case assessments.
Interest Liability on Electronic Credit Ledger Payments - Seeking levy of interest only on that part of the tax which is paid in cash - The High court concluded that the levy of interest depends not on the type of ledger used (cash or credit) but on the timing of the tax payment relative to the filing of returns. Interest is applicable on delays in tax payments made after the due date of return filing, regardless of whether the payment is from the Electronic Credit Ledger or the Cash Ledger. The court found that while the Monitoring Committee can issue guidelines, its decisions are not binding on the Proper Officer in the context of tax recovery. The Proper Officer retains autonomy in assessing and executing recovery based on individual case assessments.
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