Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Stakeholder-list modification permits liquidators to update entries on new information, subject to notifying the Adjudicating Authority within prescri...
Regional Rural Banks are deemed to be co-operative societies for Income-tax Act purposes under the statutory fiction in section 22 of the Regional Rural Banks Act. That fiction remains effective because section 80P(4) does not displace it, and definitions of primary co-operative bank or primary credit society are inapplicable where the bank is not claimed to fall within those categories. Deduction under section 80P is therefore available. An assessment correctly granting that deduction is not erroneous and prejudicial to the interests of the Revenue, limiting revision under section 263.
Regional Rural Banks are deemed to be co-operative societies for Income-tax Act purposes under the statutory fiction in section 22 of the Regional Rural Banks Act. That fiction remains effective because section 80P(4) does not displace it, and definitions of primary co-operative bank or primary credit society are inapplicable where the bank is not claimed to fall within those categories. Deduction under section 80P is therefore available. An assessment correctly granting that deduction is not erroneous and prejudicial to the interests of the Revenue, limiting revision under section 263.
Note: It is a system-generated summary and is for quick reference only.
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