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...
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The ITAT Kolkata examined the validity of reassessment proceedings based on "reasons to believe" u/s 147. The AO's reasons lacked independent application of mind, being based on borrowed satisfaction without proper enquiry. The AO noted discrepancies in LTCG disclosure and re-assessed income u/s 147. However, the Tribunal found the AO's actions flawed, as the assessee had disclosed exempt income in Schedule-EI. The AO's lack of independent satisfaction led to quashing of the assessment, citing Meenakshi Overseas (P) Ltd. The appeal of the assessee was allowed.
The ITAT Kolkata examined the validity of reassessment proceedings based on "reasons to believe" u/s 147. The AO's reasons lacked independent application of mind, being based on borrowed satisfaction without proper enquiry. The AO noted discrepancies in LTCG disclosure and re-assessed income u/s 147. However, the Tribunal found the AO's actions flawed, as the assessee had disclosed exempt income in Schedule-EI. The AO's lack of independent satisfaction led to quashing of the assessment, citing Meenakshi Overseas (P) Ltd. The appeal of the assessee was allowed.
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