Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss 139(1), 139(4), or 139(5) for Section 80P deduction eligibility. Section 80A(5) only requires the claim to be made in a valid return of income filed by the assessee. A return filed in response to Section 142(1) notice is a valid return. The Kerala High Court in Chirakkal Service Co-operative Bank Ltd. case held that a return filed u/s 142(1) is valid for Section 80P deduction claim u/s 80A(5). Denying Section 80P deduction to the assessee who filed the return in response to Section 142(1) notice is incorrect.
Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss 139(1), 139(4), or 139(5) for Section 80P deduction eligibility. Section 80A(5) only requires the claim to be made in a valid return of income filed by the assessee. A return filed in response to Section 142(1) notice is a valid return. The Kerala High Court in Chirakkal Service Co-operative Bank Ltd. case held that a return filed u/s 142(1) is valid for Section 80P deduction claim u/s 80A(5). Denying Section 80P deduction to the assessee who filed the return in response to Section 142(1) notice is incorrect.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
