S. 92B : Transfer pricing-International transaction-Arm’s length price-Avoidance of tax-Corporate guarantee-International transactions-Guarantee fee at 0.5 Per Cent.is justified-Deduction of tax at source-Matter remanded to the Assessing Officer. [S.92C]
S. 80P : Co-operative societies-Interest-Investment With Co-Operative Banks-Income from other sources-Eligible for deduction of cost for earning of such income-Matter remanded to Assessing Officer for fresh consideration. [S.56, 57(iii),80P(2)(d)]
S. 80P : Co-operative societies-Providing credit to members Eligible for deduction to extent of income earned from facilities extended to its members only-Matter remanded to Assessing Officer-Delay in filing appeal is condoned.[S. 80P(2)(a)(i), 253]
S. 80P: Co-operative societies-Mentioning of status in the return of income as ‘AOP’ as against ‘co-operative society’ would not disentitle the assessee the benefits of deduction claimed u/s. 80P (2)(a)(i) of the Act. [S. 2(31), 80P(2(a)(i), 139, 143(1)]
S. 80IC : Special category States-Fall in gross profit rate-Diversion of profits to subsidiary-May require scrutiny at the hands of the subsidiary under section 80IA (10) and not the Assessee. [S,80IA(10)]
S. 80IA : Infrastructure facility-Search and seizure-claim though not claimed in the original return filed before search-Assessee is entitled to the deduction. [S.80IA(4), 139(1),139(5), 153A]
S. 80G : Donation-Registration-After grant of provisional approval, the application cannot be rejected on the ground that the institution had already commenced its activities even prior to grant of provisional registration.[S.80G(5)(iv), Form No 10AC.]
S. 80G : Donation-Denial of registration-Delay in filing Form No.10AB for renewal-Circular 6/2023,-Directed to consider the registration on merits. [S.12AB, 80G(5)]
S. 80G : Donation-Denial of registration-The extended time limit of 30.09.2023 as per CBDT Circular 29 dated 24.05.2023 would apply to Form No.10AB-CIT(E) is directed to consider the application on merits without raising the issue of timeline. [S.80G(5)(iv), Form No 10AB, 10AC]
S. 69C : Unexplained expenditure-Income from undisclosed sources-Bogus purchases-Accommodation entries-Information from Sales Tax Department-Addition aat 12.5 Per Cent. of bogus purchases is held to be justified.