Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The assessee claimed deduction u/s 80P(2)(d) of the Income Tax Act for interest income earned on deposits with a Cooperative Bank. The Assessing Officer and CIT(A) disallowed the deduction, contending that the Cooperative Bank does not qualify as a 'Cooperative Society'. However, the Tribunal observed that the Supreme Court in The Mavilayi Service Co-op. Bank Ltd. case has categorically ruled that Cooperative Banks are eligible for deduction u/s 80P(2)(d), unless they hold an RBI license and operate as commercial banks. Since the lower authorities did not examine the eligibility criteria as per the Supreme Court's decision, and the Tribunal had granted the deduction in earlier years without any change in facts, the Tribunal directed the Assessing Officer to allow the deduction claimed by the assessee u/s 80P(2)(d) in light of the Supreme Court's ruling.
The assessee claimed deduction u/s 80P(2)(d) of the Income Tax Act for interest income earned on deposits with a Cooperative Bank. The Assessing Officer and CIT(A) disallowed the deduction, contending that the Cooperative Bank does not qualify as a 'Cooperative Society'. However, the Tribunal observed that the Supreme Court in The Mavilayi Service Co-op. Bank Ltd. case has categorically ruled that Cooperative Banks are eligible for deduction u/s 80P(2)(d), unless they hold an RBI license and operate as commercial banks. Since the lower authorities did not examine the eligibility criteria as per the Supreme Court's decision, and the Tribunal had granted the deduction in earlier years without any change in facts, the Tribunal directed the Assessing Officer to allow the deduction claimed by the assessee u/s 80P(2)(d) in light of the Supreme Court's ruling.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
