Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - The Appellate Tribunal found that even if the interest income is not considered as business income, the deduction cannot be denied under Section 80P(2)(d) of the Act. The Tribunal referred to the decision of the Supreme Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd., where deduction was allowed to a cooperative engaged in providing credit facilities to its members. The Tribunal held that the appellant, being a cooperative society of employees of a corporation, is entitled to the deduction under Section 80P(2)(d) of the Act.
Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - The Appellate Tribunal found that even if the interest income is not considered as business income, the deduction cannot be denied under Section 80P(2)(d) of the Act. The Tribunal referred to the decision of the Supreme Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd., where deduction was allowed to a cooperative engaged in providing credit facilities to its members. The Tribunal held that the appellant, being a cooperative society of employees of a corporation, is entitled to the deduction under Section 80P(2)(d) of the Act.
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