Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
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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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