Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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Deposits made by assessee in Krishi Bank were fixed deposit investments, not trading activity. Loss suffered when bank went into liquidation is capital loss, not business loss u/s 28 or bad debt u/s 36(1)(vii). Assessing Officer and appellate authorities rightly treated loss as capital loss based on evidence. No substantial question of law arises for adjudication u/s 260A as it involves findings of fact which cannot be re-adjudicated in appeal. Substantial question of law answered against assessee in favor of revenue.
Deposits made by assessee in Krishi Bank were fixed deposit investments, not trading activity. Loss suffered when bank went into liquidation is capital loss, not business loss u/s 28 or bad debt u/s 36(1)(vii). Assessing Officer and appellate authorities rightly treated loss as capital loss based on evidence. No substantial question of law arises for adjudication u/s 260A as it involves findings of fact which cannot be re-adjudicated in appeal. Substantial question of law answered against assessee in favor of revenue.
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