Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
