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 case pertains to the denial of exemption u/s 11 of the Income Tax Act to an assessee society, questioning whether its activities qualify as charitable or commercial. The society was established by the Department of Electronics, Government of India, and Microwave Electronics Ltd. to promote self-reliance in the field of Microwave Electronics and is an autonomous body for this purpose. In earlier years, the Coordinate Bench had remanded the assessee's appeals to the Assessing Officer to decide in accordance with the Supreme Court's decision in the Ahmed Urban Development Authority case. Subsequently, for the assessment years 2016-17, 2017-18, and 2022-23, as well as earlier years, the Assessing Officer, after scrutinizing the assessee's case, allowed the benefit of Sections 11 and 12 of the Act. The Revenue's appeal for the current year does not hold strong ground as the Assessing Officer, in a series of assessment orders or restored proceedings, has accepted the assessee's claim, and there is no assertion that the facts or law for the current year differ from those assessment years. The case was decided in favor of the assessee.
The case pertains to the denial of exemption u/s 11 of the Income Tax Act to an assessee society, questioning whether its activities qualify as charitable or commercial. The society was established by the Department of Electronics, Government of India, and Microwave Electronics Ltd. to promote self-reliance in the field of Microwave Electronics and is an autonomous body for this purpose. In earlier years, the Coordinate Bench had remanded the assessee's appeals to the Assessing Officer to decide in accordance with the Supreme Court's decision in the Ahmed Urban Development Authority case. Subsequently, for the assessment years 2016-17, 2017-18, and 2022-23, as well as earlier years, the Assessing Officer, after scrutinizing the assessee's case, allowed the benefit of Sections 11 and 12 of the Act. The Revenue's appeal for the current year does not hold strong ground as the Assessing Officer, in a series of assessment orders or restored proceedings, has accepted the assessee's claim, and there is no assertion that the facts or law for the current year differ from those assessment years. The case was decided in favor of the assessee.
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