Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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Interest earned by a co-operative credit society on investments with other co-operative banks is discussed as qualifying for deduction under section 80P(2)(d), alternatively to the claim under section 80P(2)(a)(i). The text states that section 80P(4), which excludes co-operative banks from the deduction, does not remove the investing society's entitlement where the recipient bank remains a co-operative society. It further notes reliance on jurisdictional Tribunal decisions and preference for the interpretation favourable to the assessee where non-jurisdictional High Court views conflict. The stated result is deletion of the disallowance and allowance of deduction for both assessment years.
Interest earned by a co-operative credit society on investments with other co-operative banks is discussed as qualifying for deduction under section 80P(2)(d), alternatively to the claim under section 80P(2)(a)(i). The text states that section 80P(4), which excludes co-operative banks from the deduction, does not remove the investing society's entitlement where the recipient bank remains a co-operative society. It further notes reliance on jurisdictional Tribunal decisions and preference for the interpretation favourable to the assessee where non-jurisdictional High Court views conflict. The stated result is deletion of the disallowance and allowance of deduction for both assessment years.
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