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...
Section 194-IA did not require aggregation of consideration attributable to multiple co-owners for the year in question, and the Finance Act, 2024 amendment was prospective and inapplicable. Because the amount relatable to each co-owner was below the statutory threshold, the purchaser had no obligation to deduct tax at source under section 194-IA. As no TDS default survived, the assessee could not be treated as an assessee in default under section 201(1), and the consequential interest under section 201(1A) was also unsustainable. The Tribunal followed coordinate bench rulings on the same issue and deleted the demand and interest.
Section 194-IA did not require aggregation of consideration attributable to multiple co-owners for the year in question, and the Finance Act, 2024 amendment was prospective and inapplicable. Because the amount relatable to each co-owner was below the statutory threshold, the purchaser had no obligation to deduct tax at source under section 194-IA. As no TDS default survived, the assessee could not be treated as an assessee in default under section 201(1), and the consequential interest under section 201(1A) was also unsustainable. The Tribunal followed coordinate bench rulings on the same issue and deleted the demand and interest.
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