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 allowed the assessee's appeal, rejecting the Assessing Officer's (AO) arbitrary estimation of gross profit. The tribunal found no material defects in the books of accounts, no evidence of sales suppression, and no new land purchases. The AO's rejection of accounts solely based on lower gross profit compared to previous years was deemed incorrect. Without comparable industry data or market survey to justify the 9.94% gross profit estimation, the tribunal concluded that the addition to income was unwarranted. The decision was consistent with prior scrutiny assessments where the assessee's returned income was accepted with minimal adjustments.
ITAT allowed the assessee's appeal, rejecting the Assessing Officer's (AO) arbitrary estimation of gross profit. The tribunal found no material defects in the books of accounts, no evidence of sales suppression, and no new land purchases. The AO's rejection of accounts solely based on lower gross profit compared to previous years was deemed incorrect. Without comparable industry data or market survey to justify the 9.94% gross profit estimation, the tribunal concluded that the addition to income was unwarranted. The decision was consistent with prior scrutiny assessments where the assessee's returned income was accepted with minimal adjustments.
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