Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Deduction u/s 80P(2)(d) was denied through intimation u/s 143(1) on interest income earned by the assessee from cooperative banks. The Tribunal held that neither the assessee's claim u/s 80P was inconsistent with another entry nor did the deduction exceed the statutory limit, making it an allowable claim. Disallowance of deduction u/s 80P(2)(d) is not permitted u/s 143(1). On merits, the interest was earned from cooperative banks, which are cooperative societies registered under relevant laws and engaged in banking business. The assessee satisfied all conditions u/s 80P(2)(d) for deduction on interest income from cooperative banks. The Tribunal decided in favor of the assessee.
Deduction u/s 80P(2)(d) was denied through intimation u/s 143(1) on interest income earned by the assessee from cooperative banks. The Tribunal held that neither the assessee's claim u/s 80P was inconsistent with another entry nor did the deduction exceed the statutory limit, making it an allowable claim. Disallowance of deduction u/s 80P(2)(d) is not permitted u/s 143(1). On merits, the interest was earned from cooperative banks, which are cooperative societies registered under relevant laws and engaged in banking business. The assessee satisfied all conditions u/s 80P(2)(d) for deduction on interest income from cooperative banks. The Tribunal decided in favor of the assessee.
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TaxTMI 
TaxTMI 
of 4918 
