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 dismissed the appeal challenging tax authority's search and seizure operation. The court rejected prayers to quash summons and panchanama, finding they had already been implemented. Regarding seized jewelry, the court granted liberty to the appellant to file an application before the assessing officer seeking release under appropriate conditions. The court directed the assessing officer to commence assessment proceedings within two months and noted inability to direct return of jewelry to specific respondent outside court's jurisdiction. The appeal and connected application were dismissed with specific observations and procedural directions.
HC dismissed the appeal challenging tax authority's search and seizure operation. The court rejected prayers to quash summons and panchanama, finding they had already been implemented. Regarding seized jewelry, the court granted liberty to the appellant to file an application before the assessing officer seeking release under appropriate conditions. The court directed the assessing officer to commence assessment proceedings within two months and noted inability to direct return of jewelry to specific respondent outside court's jurisdiction. The appeal and connected application were dismissed with specific observations and procedural directions.
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