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...
The ITAT Raipur ruled on disallowance u/s 14A r.w.r. 8D regarding expenditure on exempt income. The assessee argued that no disallowance of interest expenditure claimed as deduction was warranted as it had sufficient self-owned funds for exempt income investments. The AO mechanically applied Rule 8D(2)(ii) for disallowance without proper satisfaction on the claim. The AO's general observations did not meet the legal requirement for a valid determination. The tribunal set aside the CIT(A)'s decision to uphold the disallowance, ruling in favor of the assessee due to the AO's failure to meet statutory obligations in assessing the claim.
The ITAT Raipur ruled on disallowance u/s 14A r.w.r. 8D regarding expenditure on exempt income. The assessee argued that no disallowance of interest expenditure claimed as deduction was warranted as it had sufficient self-owned funds for exempt income investments. The AO mechanically applied Rule 8D(2)(ii) for disallowance without proper satisfaction on the claim. The AO's general observations did not meet the legal requirement for a valid determination. The tribunal set aside the CIT(A)'s decision to uphold the disallowance, ruling in favor of the assessee due to the AO's failure to meet statutory obligations in assessing the claim.
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