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...
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The ITAT held that exemption u/s 10(23C) was disallowed due to non-filing of audit report in Form 10BB. Assessee not registered u/s 10(23), ineligible for exemption. Net income to be taxed after allowable expenditure deduction. Remanded to AO to tax net income after deducting expenses like regular, salary, puja, and admissible expenditure. CIT (A) erred in not addressing eligibility issue. Assessee to be assessed as AOP. Issue of eligibility to claim u/s 10(23) to be reconsidered by CIT (A) with opportunity for assessee to present evidence. Remanded for fresh adjudication.
The ITAT held that exemption u/s 10(23C) was disallowed due to non-filing of audit report in Form 10BB. Assessee not registered u/s 10(23), ineligible for exemption. Net income to be taxed after allowable expenditure deduction. Remanded to AO to tax net income after deducting expenses like regular, salary, puja, and admissible expenditure. CIT (A) erred in not addressing eligibility issue. Assessee to be assessed as AOP. Issue of eligibility to claim u/s 10(23) to be reconsidered by CIT (A) with opportunity for assessee to present evidence. Remanded for fresh adjudication.
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