Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Penalty under section 271(1)(c) could not be sustained where the assessee had disclosed all particulars in the return and the claim was only disallowed as a matter of law. Applying CIT v. Reliance Petro Products Ltd., the ITAT held that concealment of income or furnishing of inaccurate particulars is required for penalty, and a mere unsustainable claim for document and stamp charges related to increase in authorised share capital does not meet that test. The penalty was deleted and the assessee's appeal was allowed.
Penalty under section 271(1)(c) could not be sustained where the assessee had disclosed all particulars in the return and the claim was only disallowed as a matter of law. Applying CIT v. Reliance Petro Products Ltd., the ITAT held that concealment of income or furnishing of inaccurate particulars is required for penalty, and a mere unsustainable claim for document and stamp charges related to increase in authorised share capital does not meet that test. The penalty was deleted and the assessee's appeal was allowed.
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