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 High Court reviewed a challenge to an assessment order, focusing on the violation of natural justice principles and the issue of input tax credit entitlement due to transactions with a non-existent supplier. The Court found that the respondent's conclusion about fake invoices lacked supporting details for the petitioner to counter. Additionally, the petitioner failed to provide necessary documentation like lorry receipts and weighment slips, impacting the fulfillment of Section 16(2)(b) requirements. The Court ordered reconsideration with the petitioner agreeing to remit 20% of the disputed tax demand for a remand, subject to existing credits. The impugned order was set aside, contingent on the petitioner remitting 20% of the disputed tax demand within three weeks.
The High Court reviewed a challenge to an assessment order, focusing on the violation of natural justice principles and the issue of input tax credit entitlement due to transactions with a non-existent supplier. The Court found that the respondent's conclusion about fake invoices lacked supporting details for the petitioner to counter. Additionally, the petitioner failed to provide necessary documentation like lorry receipts and weighment slips, impacting the fulfillment of Section 16(2)(b) requirements. The Court ordered reconsideration with the petitioner agreeing to remit 20% of the disputed tax demand for a remand, subject to existing credits. The impugned order was set aside, contingent on the petitioner remitting 20% of the disputed tax demand within three weeks.
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