Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
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.
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