Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Interest earned by a co-operative society from investments with a co-operative bank was treated as eligible for deduction under section 80P(2)(d), following earlier non-jurisdictional precedent. Where conflicting non-jurisdictional High Court views exist, the view favourable to the assessee was preferred. Reliance on Totgars was not accepted to deny the claim in this context. The disallowance was deleted in principle, but the Assessing Officer was asked to verify the actual nature of the interest and then grant consequential relief.
Interest earned by a co-operative society from investments with a co-operative bank was treated as eligible for deduction under section 80P(2)(d), following earlier non-jurisdictional precedent. Where conflicting non-jurisdictional High Court views exist, the view favourable to the assessee was preferred. Reliance on Totgars was not accepted to deny the claim in this context. The disallowance was deleted in principle, but the Assessing Officer was asked to verify the actual nature of the interest and then grant consequential relief.
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