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...
ITAT adjudicated multiple tax issues for the assessee, rendering key decisions: On bad debt deduction, ITAT held that claiming ascertained bad debt in the current assessment year is permissible, considering the tax rate remained consistent across fiscal years. The tribunal allowed the assessee's claim, finding no procedural bar in claiming the deduction. Regarding data field costs, ITAT determined these expenditures constitute direct business expenses correlated with market research fees. The tribunal accepted the assessee's submission, noting the expenditures were duly audited and represented legitimate operational costs. In transfer pricing matters, ITAT directed the AO/TPO to include a profitable comparable company in the economic analysis, rejecting persistent loss criteria. The tribunal also declined to treat provisions written back as operating income, emphasizing insufficient demonstration of direct business linkage.
ITAT adjudicated multiple tax issues for the assessee, rendering key decisions: On bad debt deduction, ITAT held that claiming ascertained bad debt in the current assessment year is permissible, considering the tax rate remained consistent across fiscal years. The tribunal allowed the assessee's claim, finding no procedural bar in claiming the deduction. Regarding data field costs, ITAT determined these expenditures constitute direct business expenses correlated with market research fees. The tribunal accepted the assessee's submission, noting the expenditures were duly audited and represented legitimate operational costs. In transfer pricing matters, ITAT directed the AO/TPO to include a profitable comparable company in the economic analysis, rejecting persistent loss criteria. The tribunal also declined to treat provisions written back as operating income, emphasizing insufficient demonstration of direct business linkage.
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