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...
Page of 4803
Press 'Enter' after typing page number.
4221 to 4240 of 96047 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT deleted the addition for alleged misclassification of interest income after finding that the assessee had disclosed total receipts, including foodgrain business receipts and Sharafi interest receipts, in the return computed under section 44AD. The Tribunal held that the amount treated as escaped income had already formed part of the disclosed aggregate turnover, so a separate addition would amount to duplication. It also noted that details such as the profit and loss account of the Sharafi business had been furnished before the AO, and that the books of account had not been rejected. On that basis, the AO's treatment was held unjustified and the addition was deleted.
The ITAT deleted the addition for alleged misclassification of interest income after finding that the assessee had disclosed total receipts, including foodgrain business receipts and Sharafi interest receipts, in the return computed under section 44AD. The Tribunal held that the amount treated as escaped income had already formed part of the disclosed aggregate turnover, so a separate addition would amount to duplication. It also noted that details such as the profit and loss account of the Sharafi business had been furnished before the AO, and that the books of account had not been rejected. On that basis, the AO's treatment was held unjustified and the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
