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, an Appellate Tribunal, ruled on unexplained cash deposits in bank accounts opened by a CA misusing KYC documents. The CA, acting fraudulently, used the taxpayer's ID to open accounts, obtain loans, and acquire properties. Following a Rs. 2000 cr fraud discovery, involving multiple arrests, it was found that the CA was the mastermind. The Tribunal held that the additions to the taxpayer's account were unjustified, as the CA was responsible for the transactions. The AO failed to verify key forms and neglected to summon relevant parties. The taxpayer successfully demonstrated that the accounts were not theirs, leading to a decision in their favor. The cash deposits were attributed to the CA, exonerating the taxpayer.
The ITAT, an Appellate Tribunal, ruled on unexplained cash deposits in bank accounts opened by a CA misusing KYC documents. The CA, acting fraudulently, used the taxpayer's ID to open accounts, obtain loans, and acquire properties. Following a Rs. 2000 cr fraud discovery, involving multiple arrests, it was found that the CA was the mastermind. The Tribunal held that the additions to the taxpayer's account were unjustified, as the CA was responsible for the transactions. The AO failed to verify key forms and neglected to summon relevant parties. The taxpayer successfully demonstrated that the accounts were not theirs, leading to a decision in their favor. The cash deposits were attributed to the CA, exonerating the taxpayer.
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