Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to operations as a cottage industry. The society is eligible for deduction u/s 80P(2)(a)(ii) of the Income Tax Act. The authorities erred in disallowing the deduction u/s 80P(2)(d), as the entire income, including interest earned on deposits, is attributable to the society's business and should be allowed as deduction u/s 80P(2)(a)(ii). The appeal of the assessee is allowed.
Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to operations as a cottage industry. The society is eligible for deduction u/s 80P(2)(a)(ii) of the Income Tax Act. The authorities erred in disallowing the deduction u/s 80P(2)(d), as the entire income, including interest earned on deposits, is attributable to the society's business and should be allowed as deduction u/s 80P(2)(a)(ii). The appeal of the assessee is allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
