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 considered the validity of an order u/s 143(1)(a) where the AO made adjustments based on the tax auditor's entry for penalty or fine. The AO communicated the proposed adjustment and provided reasons in the intimation order. The ITAT referenced the distinction between intimation and assessment per the Supreme Court's ruling in CIT Vs Rajesh Jhaveri Stock Brokers P ltd. The AO's authority is limited to adjustments based on the return of income, not debatable issues. In this case, the AO's actions were deemed appropriate as the adjustment was based on a prima facie disallowable amount categorized by the tax auditor. The appeal was allowed for statistical purposes. The decision aligns with legal principles governing adjustments u/s 143(1)(a).
The ITAT considered the validity of an order u/s 143(1)(a) where the AO made adjustments based on the tax auditor's entry for penalty or fine. The AO communicated the proposed adjustment and provided reasons in the intimation order. The ITAT referenced the distinction between intimation and assessment per the Supreme Court's ruling in CIT Vs Rajesh Jhaveri Stock Brokers P ltd. The AO's authority is limited to adjustments based on the return of income, not debatable issues. In this case, the AO's actions were deemed appropriate as the adjustment was based on a prima facie disallowable amount categorized by the tax auditor. The appeal was allowed for statistical purposes. The decision aligns with legal principles governing adjustments u/s 143(1)(a).
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