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...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out u/s 153A, additions made u/s 50C - assessee contended that without search, income from Long Term Capital Gains (LTCG) and cash transactions would not have been disclosed - Held: No reference to any statement recorded u/s 132(4) showing admission of undisclosed income, a prerequisite for invoking Section 271AAB(1A). Income from LTCG and cash transactions not alleged to be false by Revenue. LTCG otherwise taxable, transactions routed through banking channels, advance tax paid, hence cannot be treated as undisclosed income. Coordinate Bench decision in assessee's wife's case affirmed the view. Imposition of 30% penalty on alleged undisclosed income u/s 271AAB(1A)(a) not justified.
Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out u/s 153A, additions made u/s 50C - assessee contended that without search, income from Long Term Capital Gains (LTCG) and cash transactions would not have been disclosed - Held: No reference to any statement recorded u/s 132(4) showing admission of undisclosed income, a prerequisite for invoking Section 271AAB(1A). Income from LTCG and cash transactions not alleged to be false by Revenue. LTCG otherwise taxable, transactions routed through banking channels, advance tax paid, hence cannot be treated as undisclosed income. Coordinate Bench decision in assessee's wife's case affirmed the view. Imposition of 30% penalty on alleged undisclosed income u/s 271AAB(1A)(a) not justified.
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