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 assessing officer (AO) made additions to the assessee's income based on alleged bogus purchases and unexplained investments. The key points are: Addition of Rs. 209.82 lacs under 'others' category was rightly deleted by CIT(A) due to lack of proper findings. Out of total purchases, Rs. 5,11,56,526 were from 4 entirely bogus parties, while Rs. 5,35,20,325 were partially bogus from 15 parties. Since the assessee offered Rs. 5,53,25,652 as additional income, and considering 10% leakage on partially bogus purchases, the net addition sustained is Rs. 11,82,906. Disallowance of sub-contractor's expenses of Rs. 157 lacs was upheld, as the assessee admitted only Rs. 140.18 lacs, and the GST component was adjusted against output liability. Addition of unexplained investment u/s 69, based solely on loose excel sheets found during search, was deleted following the ITAT's decision in Kranti Impex case, which held that undated, unsigned papers cannot be the sole basis for determining undisclosed income.
The assessing officer (AO) made additions to the assessee's income based on alleged bogus purchases and unexplained investments. The key points are: Addition of Rs. 209.82 lacs under 'others' category was rightly deleted by CIT(A) due to lack of proper findings. Out of total purchases, Rs. 5,11,56,526 were from 4 entirely bogus parties, while Rs. 5,35,20,325 were partially bogus from 15 parties. Since the assessee offered Rs. 5,53,25,652 as additional income, and considering 10% leakage on partially bogus purchases, the net addition sustained is Rs. 11,82,906. Disallowance of sub-contractor's expenses of Rs. 157 lacs was upheld, as the assessee admitted only Rs. 140.18 lacs, and the GST component was adjusted against output liability. Addition of unexplained investment u/s 69, based solely on loose excel sheets found during search, was deleted following the ITAT's decision in Kranti Impex case, which held that undated, unsigned papers cannot be the sole basis for determining undisclosed income.
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