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 annual retable value of the property must be determined based on the expected market rate of rent, not the actual rent received. The matter was restored to the Assessing Officer to determine the annual letable value after considering relevant factors and providing an opportunity to the assessee. Regarding expenses provisioned at the year-end and reversed at the beginning, if the payer, payee, nature of services, and liability amount are identified, tax should have been deducted. However, if the assessee paid such tax before the due date u/s 139(1), no disallowance can be made. The addition for stock shortage was deleted as the shortage amount was insignificant compared to the average stock, and such occurrences are normal in a manufacturing company. The addition for scrap sale was also deleted as it is unfair to determine the average sale per day and make an addition despite the scrap not being sold. The sale of scrap is accounted for as and when it is sold.
The annual retable value of the property must be determined based on the expected market rate of rent, not the actual rent received. The matter was restored to the Assessing Officer to determine the annual letable value after considering relevant factors and providing an opportunity to the assessee. Regarding expenses provisioned at the year-end and reversed at the beginning, if the payer, payee, nature of services, and liability amount are identified, tax should have been deducted. However, if the assessee paid such tax before the due date u/s 139(1), no disallowance can be made. The addition for stock shortage was deleted as the shortage amount was insignificant compared to the average stock, and such occurrences are normal in a manufacturing company. The addition for scrap sale was also deleted as it is unfair to determine the average sale per day and make an addition despite the scrap not being sold. The sale of scrap is accounted for as and when it is sold.
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