Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Interest income earned by a cooperative society from deposits made with another cooperative bank is eligible for deduction u/s 80P(2)(d) of the Income Tax Act. The provision unambiguously allows deduction for interest income derived from investments with other cooperative societies. Therefore, the appellant cooperative society is entitled to claim deduction u/s 80P(2)(d) for the interest received from the Punjab State Cooperative Agricultural Development Bank. However, the excess contribution made by the appellant to the Gratuity Fund, over and above the permissible limit of 8.33% under the applicable rules, has been rightly disallowed and added back to its total income under the head "Income from Other Sources" by the tax authorities.
Interest income earned by a cooperative society from deposits made with another cooperative bank is eligible for deduction u/s 80P(2)(d) of the Income Tax Act. The provision unambiguously allows deduction for interest income derived from investments with other cooperative societies. Therefore, the appellant cooperative society is entitled to claim deduction u/s 80P(2)(d) for the interest received from the Punjab State Cooperative Agricultural Development Bank. However, the excess contribution made by the appellant to the Gratuity Fund, over and above the permissible limit of 8.33% under the applicable rules, has been rightly disallowed and added back to its total income under the head "Income from Other Sources" by the tax authorities.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
