Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit facilities to members. - The tribunal distinguished the facts of the present case from the decision of the Supreme Court in Totgars Co-operative Sale Society Ltd. The tribunal observed that the income in question was derived from activities eligible for deduction under section 80P. - Citing judgments of the Andhra Pradesh High Court and a coordinate Bench of the Tribunal, the tribunal held that interest income derived from activities listed in section 80P(2)(a) qualifies for deduction under section 80P.
Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit facilities to members. - The tribunal distinguished the facts of the present case from the decision of the Supreme Court in Totgars Co-operative Sale Society Ltd. The tribunal observed that the income in question was derived from activities eligible for deduction under section 80P. - Citing judgments of the Andhra Pradesh High Court and a coordinate Bench of the Tribunal, the tribunal held that interest income derived from activities listed in section 80P(2)(a) qualifies for deduction under section 80P.
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