Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Cash advances treated as receipts: Held that cash receipts were advances and under the assessee's established project-completion accounting could not be taxed in the relevant AY but only on project completion; appeal allowed on this issue. Unexplained purchase payments: Addition deleted because corresponding additions in purchasers' hands were removed and statements relied upon were not furnished, vitiating the addition; upheld deletion. Interest disallowance: Deleted since own capital exceeded interest-free advances, permitting presumption advances made from own funds; disallowance overturned. Deemed rent under s.22: sustained. Reassessment valid. TDS non-deduction remitted to AO for verification. Section 68 additions on opening balances deleted. - ITAT
Cash advances treated as receipts: Held that cash receipts were advances and under the assessee's established project-completion accounting could not be taxed in the relevant AY but only on project completion; appeal allowed on this issue. Unexplained purchase payments: Addition deleted because corresponding additions in purchasers' hands were removed and statements relied upon were not furnished, vitiating the addition; upheld deletion. Interest disallowance: Deleted since own capital exceeded interest-free advances, permitting presumption advances made from own funds; disallowance overturned. Deemed rent under s.22: sustained. Reassessment valid. TDS non-deduction remitted to AO for verification. Section 68 additions on opening balances deleted. - ITAT
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