Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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ITAT held that the DVO valuation obtained in a co-owner's case applied equally to the assessee in respect of the same jointly purchased flats. It also treated the Finance Act, 2020 amendment increasing the tolerance band under section 56(2)(x)(b) from 5 per cent to 10 per cent as clarificatory and curative, with retrospective effect. As the difference between the DVO value and the agreed consideration was within that 10 per cent band, no addition was sustainable and the addition under section 56(2)(x)(b) was deleted.
ITAT held that the DVO valuation obtained in a co-owner's case applied equally to the assessee in respect of the same jointly purchased flats. It also treated the Finance Act, 2020 amendment increasing the tolerance band under section 56(2)(x)(b) from 5 per cent to 10 per cent as clarificatory and curative, with retrospective effect. As the difference between the DVO value and the agreed consideration was within that 10 per cent band, no addition was sustainable and the addition under section 56(2)(x)(b) was deleted.
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