Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
State co-operative law governs the meaning of "member" for section 80P relief, so a credit society cannot be denied deduction merely because it deals with nominal or associate members who lack voting rights or equal participation rights; such dealings are not automatically dealings with the public, and blanket or proportionate denial was rejected. The Tribunal also held that where disallowance of interest provision increases the eligible business profit, the enhanced figure remains business income from providing credit facilities to members, so deduction under section 80P(2)(a)(i) must be recomputed on that higher amount, subject to the other conditions of the provision.
State co-operative law governs the meaning of "member" for section 80P relief, so a credit society cannot be denied deduction merely because it deals with nominal or associate members who lack voting rights or equal participation rights; such dealings are not automatically dealings with the public, and blanket or proportionate denial was rejected. The Tribunal also held that where disallowance of interest provision increases the eligible business profit, the enhanced figure remains business income from providing credit facilities to members, so deduction under section 80P(2)(a)(i) must be recomputed on that higher amount, subject to the other conditions of the provision.
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