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...
Directly relevant additional evidence supporting commission paid to daily deposit collection agents was admitted because the lower authorities had not examined it, and the commission disallowance was remanded for fresh consideration. Interest estimated on non-performing loans to members was deleted because income from credit facilities provided by a co-operative society to its members qualified for deduction under section 80P(2)(a)(i), rendering the addition revenue neutral. Interest estimated by applying a uniform rate across housing, mortgage, personal, deposit-backed and overdraft loans was also deleted because those loan categories carried differential rates and the resulting enhanced income would qualify for the same deduction. The appeal was partly allowed.
Directly relevant additional evidence supporting commission paid to daily deposit collection agents was admitted because the lower authorities had not examined it, and the commission disallowance was remanded for fresh consideration. Interest estimated on non-performing loans to members was deleted because income from credit facilities provided by a co-operative society to its members qualified for deduction under section 80P(2)(a)(i), rendering the addition revenue neutral. Interest estimated by applying a uniform rate across housing, mortgage, personal, deposit-backed and overdraft loans was also deleted because those loan categories carried differential rates and the resulting enhanced income would qualify for the same deduction. The appeal was partly allowed.
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