Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
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Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
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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