Mandatory verification procedure governs rejection of country-of-origin certificates before denying preferential customs exemption and related penalti...
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Interest on income-tax refund received by a co-operative society was treated as income attributable to its banking activity for members, so deduction under section 80P(2)(a)(i) was allowed. Relying on Special Bench precedent, the Tribunal rejected the view that the receipt was income from other sources. The addition on this account was deleted and the assessee's deduction claim was accepted.
Interest on income-tax refund received by a co-operative society was treated as income attributable to its banking activity for members, so deduction under section 80P(2)(a)(i) was allowed. Relying on Special Bench precedent, the Tribunal rejected the view that the receipt was income from other sources. The addition on this account was deleted and the assessee's deduction claim was accepted.
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