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...
Expenditure relating to a discontinued business remained allowable where the assessee had separately disclosed the operation, revenue, expenses and loss in audited financial statements and notes to accounts, and the Assessing Officer had found no item to be unvouched, unsupported or not for business purposes. The Tribunal held that such loss could not be curtailed on a proportionate basis merely because the common expenses were not submitted to the slump sale valuer. The valuation report was relevant only for capital gains computation and did not govern deductibility under section 37(1). The Revenue's challenge failed and the deletion of the disallowance was upheld.
Expenditure relating to a discontinued business remained allowable where the assessee had separately disclosed the operation, revenue, expenses and loss in audited financial statements and notes to accounts, and the Assessing Officer had found no item to be unvouched, unsupported or not for business purposes. The Tribunal held that such loss could not be curtailed on a proportionate basis merely because the common expenses were not submitted to the slump sale valuer. The valuation report was relevant only for capital gains computation and did not govern deductibility under section 37(1). The Revenue's challenge failed and the deletion of the disallowance was upheld.
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