Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Section 80P(2)(d) permits a co-operative society to claim deduction on interest or dividend earned from investments with another co-operative society, and a co-operative bank continues to fall within that expression for this purpose. Section 80P(4) withdraws the deduction only in the hands of the co-operative bank itself and does not change its character for section 80P(2)(d). Applying that construction, interest received by a co-operative housing society from deposits with co-operative banks was held deductible. The Tribunal found Totgars Co-operative Sale Society Ltd. inapplicable because it dealt with section 80P(2)(a)(i), and also noted consistent allowance in earlier years on the same facts.
Section 80P(2)(d) permits a co-operative society to claim deduction on interest or dividend earned from investments with another co-operative society, and a co-operative bank continues to fall within that expression for this purpose. Section 80P(4) withdraws the deduction only in the hands of the co-operative bank itself and does not change its character for section 80P(2)(d). Applying that construction, interest received by a co-operative housing society from deposits with co-operative banks was held deductible. The Tribunal found Totgars Co-operative Sale Society Ltd. inapplicable because it dealt with section 80P(2)(a)(i), and also noted consistent allowance in earlier years on the same facts.
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