Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT allowed the assessee's claim for deduction under s.80P(2)(a)(i) in respect of interest income of Rs.12,05,115, directing that the AO grant the deduction (noting no justification to withhold the residual 10.86% where 89.14% was already admitted). The Tribunal observed that, pursuant to binding Supreme Court precedent, only profits and gains attributable to transactions with non-members are ineligible for s.80P relief; interest income remains allowable. The Tribunal remitted the matter on the contested gross profit addition from fertiliser/PDS sales, noting the AO failed to account for operating expenditures; it directed the AO to examine the assessee's expenditures, determine the net profit or loss from those activities, and then recompute the allowable s.80P deduction.
ITAT allowed the assessee's claim for deduction under s.80P(2)(a)(i) in respect of interest income of Rs.12,05,115, directing that the AO grant the deduction (noting no justification to withhold the residual 10.86% where 89.14% was already admitted). The Tribunal observed that, pursuant to binding Supreme Court precedent, only profits and gains attributable to transactions with non-members are ineligible for s.80P relief; interest income remains allowable. The Tribunal remitted the matter on the contested gross profit addition from fertiliser/PDS sales, noting the AO failed to account for operating expenditures; it directed the AO to examine the assessee's expenditures, determine the net profit or loss from those activities, and then recompute the allowable s.80P deduction.
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