Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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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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