Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society registered in Rajasthan, claimed deduction on interest received from another cooperative society operating as a cooperative bank. The ITAT held that the assessee is entitled to the deduction, relying on Section 22 of the Regional Rural Bank Act, 1976, which deems Regional Rural Banks as cooperative societies for income tax purposes. Despite a CBDT circular restricting deduction for Regional Rural Banks, the ITAT ruled that it cannot override the statutory provision. As the assessee is a cooperative society and not a Regional Rural Bank, it is eligible for deduction on interest earned from deposits in the cooperative bank u/s 80P(2)(d).
Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society registered in Rajasthan, claimed deduction on interest received from another cooperative society operating as a cooperative bank. The ITAT held that the assessee is entitled to the deduction, relying on Section 22 of the Regional Rural Bank Act, 1976, which deems Regional Rural Banks as cooperative societies for income tax purposes. Despite a CBDT circular restricting deduction for Regional Rural Banks, the ITAT ruled that it cannot override the statutory provision. As the assessee is a cooperative society and not a Regional Rural Bank, it is eligible for deduction on interest earned from deposits in the cooperative bank u/s 80P(2)(d).
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