Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction for interest and dividend income from compulsory, fixed and savings-bank deposits is discussed as available where the deposits are attributable to a credit co-operative society's business of providing credit facilities to members. The note distinguishes investment income treated as business income from the contrary context of investments with co-operative banks. It also addresses reassessment beyond three years, stating that the extended limitation period requires strict satisfaction of statutory conditions and cannot rest on cash-deposit allegations that do not survive; a deduction disallowance alone must meet the applicable threshold. Consequential under-reporting penalty proceedings may require fresh consideration where the underlying assessment is restored.
Section 80P deduction for interest and dividend income from compulsory, fixed and savings-bank deposits is discussed as available where the deposits are attributable to a credit co-operative society's business of providing credit facilities to members. The note distinguishes investment income treated as business income from the contrary context of investments with co-operative banks. It also addresses reassessment beyond three years, stating that the extended limitation period requires strict satisfaction of statutory conditions and cannot rest on cash-deposit allegations that do not survive; a deduction disallowance alone must meet the applicable threshold. Consequential under-reporting penalty proceedings may require fresh consideration where the underlying assessment is restored.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
