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 considered the addition of capital gain due to undeclared transaction. The property's ownership was crucial, as the property was not owned by the HUF as claimed. The claim of transfer under HUF partition was rejected as unproven. The "family settlement" theory was introduced late and not supported by evidence. The sale-deed executed was deemed taxable, as it involved a genuine transaction between the assessee and his brothers. The unexplained cash deposits were justified by the Cash-Book, leading to deletion of the addition. Overall, the capital gain addition was upheld, while the unexplained cash deposits addition was deleted.
The ITAT considered the addition of capital gain due to undeclared transaction. The property's ownership was crucial, as the property was not owned by the HUF as claimed. The claim of transfer under HUF partition was rejected as unproven. The "family settlement" theory was introduced late and not supported by evidence. The sale-deed executed was deemed taxable, as it involved a genuine transaction between the assessee and his brothers. The unexplained cash deposits were justified by the Cash-Book, leading to deletion of the addition. Overall, the capital gain addition was upheld, while the unexplained cash deposits addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
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