Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
