Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
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A credit cooperative society's interest on deposits or investments with cooperative banks was treated as business income attributable to its activity of accepting deposits and extending credit to members. The Tribunal held that deduction under section 80P(2)(a)(i) was available because the interest was not excluded merely due to its source, and the relevant Karnataka High Court precedents supported the assessee on closely similar facts. Where conflicting High Court decisions were cited, the Tribunal followed the view with facts closer to the present case and directed allowance of the deduction on the interest income.
A credit cooperative society's interest on deposits or investments with cooperative banks was treated as business income attributable to its activity of accepting deposits and extending credit to members. The Tribunal held that deduction under section 80P(2)(a)(i) was available because the interest was not excluded merely due to its source, and the relevant Karnataka High Court precedents supported the assessee on closely similar facts. Where conflicting High Court decisions were cited, the Tribunal followed the view with facts closer to the present case and directed allowance of the deduction on the interest income.
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