Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The Appellate Tribunal held that income earned from investments in cooperative banks, which are not cooperative societies, is not eligible for deduction u/s 80P(2)(d) of the Act. The argument that cooperative banks are also cooperative societies was deemed baseless. The Tribunal directed the Assessing Officer to examine if investments with cooperative banks were made due to statutory compulsions and, if so, to consider granting deduction u/s 80P(2)(a)(i) of the Act. If not eligible under 80P(2)(a)(i), the AO should assess eligibility u/s 80P(2)(d) in light of a recent Supreme Court judgment. If neither section applies, the AO should consider a deduction u/s 57 for the cost of funds. The Tribunal relied on the Karnataka High Court judgment for granting deduction for the cost of funds and ordered consideration of the assessee's claim in ground 4.1.
The Appellate Tribunal held that income earned from investments in cooperative banks, which are not cooperative societies, is not eligible for deduction u/s 80P(2)(d) of the Act. The argument that cooperative banks are also cooperative societies was deemed baseless. The Tribunal directed the Assessing Officer to examine if investments with cooperative banks were made due to statutory compulsions and, if so, to consider granting deduction u/s 80P(2)(a)(i) of the Act. If not eligible under 80P(2)(a)(i), the AO should assess eligibility u/s 80P(2)(d) in light of a recent Supreme Court judgment. If neither section applies, the AO should consider a deduction u/s 57 for the cost of funds. The Tribunal relied on the Karnataka High Court judgment for granting deduction for the cost of funds and ordered consideration of the assessee's claim in ground 4.1.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
