TDS credit reflected in a trustee’s name but pertaining to a trust’s income should be granted to the trust if the money was credited to the trust’s account. Issue: Whether an assessee-trust can be granted credit for Tax Deducted at Source (TDS) under Section 199 of the Income-tax Act, 1961, when the TDS is reflected… Read More »
I. Co-operative society’s deduction under Section 80P is valid despite nominal/associate members, as permitted by state law and consistent with mutuality. II. Eligibility of co-operative bank FD interest for Section 80P deduction is remanded to AO to verify mandatory deposit limits; proportionate interest on excess deposits disallowed after allowing Section 57 costs. III. Rental income… Read More »
Cash deposits included in Section 44AD turnover cannot be added under Section 68 as unexplained cash credit, as long as they represent business receipts. Issue: Whether cash deposits in a bank account can be added as unexplained cash credit under Section 68 of the Income-tax Act, 1961, when the assessee has declared income under the… Read More »
I. Appeal filed by assessee is not delayed if the due date is calculated from the date of service of the assessment order, not merely its issuance. II. Remand to CIT(A) is needed to adjudicate whether differences in income from other sources and subsidies are separate or related to the same addition, given incomplete discussion.… Read More »
I. Sections 54B and 54F exemptions for reinvestment are allowable despite minor delays, as the purpose of promoting reinvestment is fulfilled. II. Section 54B exemption is not allowed for agricultural land purchased in a brother’s name, as direct ownership by the assessee is a mandatory condition. I. Sections 54F and 54B Exemptions Cannot Be Denied… Read More »