https://www.taxtmi.com/caselaws?id=759649 Deduction under section 80P is confined to clearly established eligible activities and receipts, so where member-wise and transaction-wise details are incomplete, the proper course is bifurcation of eligible and ineligible income with corresponding expenditure and fresh verification rather than blanket allowance or rejection. Cash deposits of specified bank notes during demonetisation were not to be treated as unexplained merely because of the surrounding currency-regime issue; section 68 depends on failure to establish the source of the deposits, so fresh examination was required where the record remained unverified. Interest claimed as deductible on such deposits was not accepted in the manner asserted, and the contingent liability addition was sustained. en-us Mon, 30 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759649 Deduction under section 80P is confined to clearly established eligible activities and receipts, so where member-wise and transaction-wise details are incomplete, the proper course is bifurcation of eligible and ineligible income with corresponding expenditure and fresh verification rather than blanket allowance or rejection. Cash deposits of specified bank notes during demonetisation were not to be treated as unexplained merely because of the surrounding currency-regime issue; section 68 depends on failure to establish the source of the deposits, so fresh examination was required where the record remained unverified. Interest claimed as deductible on such deposits was not accepted in the manner asserted, and the contingent liability addition was sustained. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759649