Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
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Interest earned by a co-operative credit society on temporarily parked business funds in bank deposits was treated as income attributable to its business of providing credit facilities to members, making it eligible for deduction under section 80P(2)(a)(i). The Tribunal followed binding jurisdictional precedent, relied on Tumkur Merchants and later similar decisions, and distinguished Totgars because that ruling concerned retained sale proceeds payable to members, not business funds of a society exclusively engaged in credit activity. It also applied judicial discipline by following the Karnataka High Court over contrary views. On identical facts, the same deduction was extended to the other assessment years.
Interest earned by a co-operative credit society on temporarily parked business funds in bank deposits was treated as income attributable to its business of providing credit facilities to members, making it eligible for deduction under section 80P(2)(a)(i). The Tribunal followed binding jurisdictional precedent, relied on Tumkur Merchants and later similar decisions, and distinguished Totgars because that ruling concerned retained sale proceeds payable to members, not business funds of a society exclusively engaged in credit activity. It also applied judicial discipline by following the Karnataka High Court over contrary views. On identical facts, the same deduction was extended to the other assessment years.
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