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...
The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head "Salaries," initially filed a return under the Old Tax Regime, which was later revised under the New Tax Regime. The CIT(A) upheld the AO's decision based on section 115BAC, which disallows certain deductions under the New Tax Regime. The tribunal emphasized that once a valid revised return is filed, the original return becomes irrelevant. Citing legal precedents, the tribunal held that under section 115BAC, opting for the New Tax Regime precludes entitlement to standard deduction and Chapter VIA deductions. Consequently, the appeal was dismissed, affirming the correctness of the CPC's processing of the income tax return.
The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head "Salaries," initially filed a return under the Old Tax Regime, which was later revised under the New Tax Regime. The CIT(A) upheld the AO's decision based on section 115BAC, which disallows certain deductions under the New Tax Regime. The tribunal emphasized that once a valid revised return is filed, the original return becomes irrelevant. Citing legal precedents, the tribunal held that under section 115BAC, opting for the New Tax Regime precludes entitlement to standard deduction and Chapter VIA deductions. Consequently, the appeal was dismissed, affirming the correctness of the CPC's processing of the income tax return.
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