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 upheld the CIT(A)'s deletion of additions under section 68 concerning unexplained share capital and share premium credits, finding the assessee successfully demonstrated these were earlier credited funds transferred via journal entries among related parties, with no fresh funds introduced during the relevant year. Consequently, the revenue's appeal on this ground was dismissed. However, regarding advances shown under other liabilities, the CIT(A) accepted fresh evidence without remanding the matter to the AO for verification of identity, genuineness, and creditworthiness of the parties, violating procedural requirements. The ITAT agreed with the revenue that the issue required reconsideration and partly allowed the appeal for statistical purposes, mandating further examination of the advances' legitimacy.
The ITAT upheld the CIT(A)'s deletion of additions under section 68 concerning unexplained share capital and share premium credits, finding the assessee successfully demonstrated these were earlier credited funds transferred via journal entries among related parties, with no fresh funds introduced during the relevant year. Consequently, the revenue's appeal on this ground was dismissed. However, regarding advances shown under other liabilities, the CIT(A) accepted fresh evidence without remanding the matter to the AO for verification of identity, genuineness, and creditworthiness of the parties, violating procedural requirements. The ITAT agreed with the revenue that the issue required reconsideration and partly allowed the appeal for statistical purposes, mandating further examination of the advances' legitimacy.
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