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...
The ITAT examined a penalty proceeding under section 270A involving interest rate discrepancies. The AO disallowed excess interest beyond 6% and the assessee acknowledged the disallowance while requesting penalty proceeding withdrawal. The tribunal held that making a claim deemed excessive by the AO does not constitute misrepresentation. Since the AO failed to specify the precise grounds under section 270A(9), the penalty levy was deemed untenable. The tribunal ultimately allowed the assessee's appeal, effectively quashing the penalty imposed by the AO.
The ITAT examined a penalty proceeding under section 270A involving interest rate discrepancies. The AO disallowed excess interest beyond 6% and the assessee acknowledged the disallowance while requesting penalty proceeding withdrawal. The tribunal held that making a claim deemed excessive by the AO does not constitute misrepresentation. Since the AO failed to specify the precise grounds under section 270A(9), the penalty levy was deemed untenable. The tribunal ultimately allowed the assessee's appeal, effectively quashing the penalty imposed by the AO.
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