Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Section 80P deductions for a co-operative credit society are addressed in relation to profits from providing credit facilities to members, interest income attributable to that activity, and any residual deduction where income remains. The notes state that disallowances require recorded reasons and that interest characterised as business income may qualify under section 80P(2)(a)(i), while an alternative claim under section 80P(2)(d) may not arise. Audit-fee provisions require evidence of an accrued, non-contingent liability. Leave-encashment provisions require proof of payment within the prescribed return-filing period. Member deposits require KYC particulars mandated by applicable co-operative law and RBI guidelines; absence of PAN alone is not decisive.
Section 80P deductions for a co-operative credit society are addressed in relation to profits from providing credit facilities to members, interest income attributable to that activity, and any residual deduction where income remains. The notes state that disallowances require recorded reasons and that interest characterised as business income may qualify under section 80P(2)(a)(i), while an alternative claim under section 80P(2)(d) may not arise. Audit-fee provisions require evidence of an accrued, non-contingent liability. Leave-encashment provisions require proof of payment within the prescribed return-filing period. Member deposits require KYC particulars mandated by applicable co-operative law and RBI guidelines; absence of PAN alone is not decisive.
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