Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
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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.
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TaxTMI 
TaxTMI 
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