Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
The ITAT considered whether the adjustment u/s 143(1) disallowing deduction u/s 80P(2)(d) for interest income from a cooperative bank is valid. The ITAT held that as the return was filed on time, the disallowance under chapter VIA cannot be made. The ITAT found that the cooperative bank qualifies as a cooperative society under the Maharashtra cooperative societies act, entitling the assessee to deduction u/s 80P(2)(d). Citing the Supreme Court, the ITAT emphasized the benevolent nature of section 80P to promote the cooperative sector. The ITAT reversed the CIT's decision and directed the AO to grant the deduction u/s 80P(2)(d) in favor of the assessee.
The ITAT considered whether the adjustment u/s 143(1) disallowing deduction u/s 80P(2)(d) for interest income from a cooperative bank is valid. The ITAT held that as the return was filed on time, the disallowance under chapter VIA cannot be made. The ITAT found that the cooperative bank qualifies as a cooperative society under the Maharashtra cooperative societies act, entitling the assessee to deduction u/s 80P(2)(d). Citing the Supreme Court, the ITAT emphasized the benevolent nature of section 80P to promote the cooperative sector. The ITAT reversed the CIT's decision and directed the AO to grant the deduction u/s 80P(2)(d) in favor of the assessee.
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