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...
Undisclosed income of the assessee - bogus sale of agricultural produce - preponderance of probability theory - The Tribunal noted that the AO had not properly considered the nature of the appellant’s income and the agricultural evidence provided. It was observed that the lower authorities failed to appreciate the complexities of agricultural income and its proof, particularly in light of the transactions during the demonetization period. - The statements recorded by the AO, including those of a person responsible for the appellant's agricultural affairs, did not conclusively prove that the agricultural receipts were manipulated. - The Tribunal allowed the appeal, setting aside the addition of income.
Undisclosed income of the assessee - bogus sale of agricultural produce - preponderance of probability theory - The Tribunal noted that the AO had not properly considered the nature of the appellant’s income and the agricultural evidence provided. It was observed that the lower authorities failed to appreciate the complexities of agricultural income and its proof, particularly in light of the transactions during the demonetization period. - The statements recorded by the AO, including those of a person responsible for the appellant's agricultural affairs, did not conclusively prove that the agricultural receipts were manipulated. - The Tribunal allowed the appeal, setting aside the addition of income.
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