Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
A co-operative credit society carrying on borrowing and lending only with members was entitled to deduction under section 80P(2)(a)(i) because no dealings with non-members were shown, and section 80P remains a benevolent provision available to societies providing credit facilities to members. The interest income was also held to be profits attributable to that credit business and therefore deductible under section 80P(2)(a)(i). Authorities dealing with section 80P(2)(d) were held inapplicable because they concerned a different statutory question. The Revenue's challenge was rejected.
A co-operative credit society carrying on borrowing and lending only with members was entitled to deduction under section 80P(2)(a)(i) because no dealings with non-members were shown, and section 80P remains a benevolent provision available to societies providing credit facilities to members. The interest income was also held to be profits attributable to that credit business and therefore deductible under section 80P(2)(a)(i). Authorities dealing with section 80P(2)(d) were held inapplicable because they concerned a different statutory question. The Revenue's challenge was rejected.
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