Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
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Interest earned by a co-operative credit society on deposits of surplus profits may qualify as business income attributable to providing credit facilities to members where the deposits are mandated or permitted by the statute governing the society. This differs from interest on members' surplus receipts, which may be taxable as income from other sources. The deduction claim requires verification of the relevant deposit details and reconsideration in line with the applicable High Court principles. Expenditure disallowance for alleged tax-deduction failures and taxability of miscellaneous interest also require fresh examination where the society asserts non-service of a show-cause notice and seeks to furnish supporting particulars, ensuring an adequate opportunity of hearing.
Interest earned by a co-operative credit society on deposits of surplus profits may qualify as business income attributable to providing credit facilities to members where the deposits are mandated or permitted by the statute governing the society. This differs from interest on members' surplus receipts, which may be taxable as income from other sources. The deduction claim requires verification of the relevant deposit details and reconsideration in line with the applicable High Court principles. Expenditure disallowance for alleged tax-deduction failures and taxability of miscellaneous interest also require fresh examination where the society asserts non-service of a show-cause notice and seeks to furnish supporting particulars, ensuring an adequate opportunity of hearing.
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