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...
HC rejected the assessee's claim for expenditure under 'debtors' head, finding insufficient evidence to support alleged trade practice of cash discounts. The Tribunal's findings were upheld, determining that the payments included non-revenue items like loan repayments and investments. The court concluded that without substantive proof of legitimate business expenditure, the original assessment stands. Appeals under Section 260A were dismissed, with questions answered in favor of the Revenue and against the assessee, affirming the Tribunal's original determination of non-allowable expenditure.
HC rejected the assessee's claim for expenditure under 'debtors' head, finding insufficient evidence to support alleged trade practice of cash discounts. The Tribunal's findings were upheld, determining that the payments included non-revenue items like loan repayments and investments. The court concluded that without substantive proof of legitimate business expenditure, the original assessment stands. Appeals under Section 260A were dismissed, with questions answered in favor of the Revenue and against the assessee, affirming the Tribunal's original determination of non-allowable expenditure.
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