Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative dela...
Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
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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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