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...
In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The court held that if the assessing officer doubts creditworthiness, verification should be done in the shareholders' hands, not the assessee company's. If shareholders are identified, non-fictitious, and payments made through banking channels, no addition u/s 69 is permissible. The assessee provided ITRs, bank statements, and PAN details, proving shareholders' identity, genuineness, and creditworthiness. Regarding ad hoc expense disallowance for lack of bills/vouchers, the court observed the assessing officer failed to pinpoint specific expenses and deleted the disallowance. On share application money treated as unexplained u/s 68, the court held that for small investors investing limited amounts, creditworthiness cannot be doubted solely for non-filing of ITRs/bank statements when identity and genuineness are proved through application forms and receipts. Once shareholder identity is proved, the assessee's onus to prove the source is discharged.
In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The court held that if the assessing officer doubts creditworthiness, verification should be done in the shareholders' hands, not the assessee company's. If shareholders are identified, non-fictitious, and payments made through banking channels, no addition u/s 69 is permissible. The assessee provided ITRs, bank statements, and PAN details, proving shareholders' identity, genuineness, and creditworthiness. Regarding ad hoc expense disallowance for lack of bills/vouchers, the court observed the assessing officer failed to pinpoint specific expenses and deleted the disallowance. On share application money treated as unexplained u/s 68, the court held that for small investors investing limited amounts, creditworthiness cannot be doubted solely for non-filing of ITRs/bank statements when identity and genuineness are proved through application forms and receipts. Once shareholder identity is proved, the assessee's onus to prove the source is discharged.
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