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 held that the disallowance under section 43B, based on the tax auditor's report alleging unpaid GST liability, was unsustainable. The assessee had adjusted the GST payable against input tax credit before the due date for filing the return, and the GST was not routed through the profit and loss account. Following precedents, since the liability was neither claimed as a deduction nor debited as an expense, section 43B did not apply. The tribunal found the auditor's report factually incorrect regarding non-payment before the due date. Consequently, the addition made by the CIT(A) was deleted, and the assessee's appeal was allowed.
The ITAT held that the disallowance under section 43B, based on the tax auditor's report alleging unpaid GST liability, was unsustainable. The assessee had adjusted the GST payable against input tax credit before the due date for filing the return, and the GST was not routed through the profit and loss account. Following precedents, since the liability was neither claimed as a deduction nor debited as an expense, section 43B did not apply. The tribunal found the auditor's report factually incorrect regarding non-payment before the due date. Consequently, the addition made by the CIT(A) was deleted, and the assessee's appeal was allowed.
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