Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Co-operative bank registered under state Act, main objective providing credit facility to members who are employees, funds contributed by members given as loans on interest to members only. Principal business not banking as no transactions with general public. First and third conditions for categorization as co-operative or primary co-operative bank not met, hence not hit by Section 80P(4) disallowing deduction. Small portion of income from interest on investments and dividend, eligible for deduction u/s 80P(2)(d). Remaining income from interest from members on deposits attributable to business income, deductible u/s 80P(2)(a)(i). Authorities not justified in denying Section 80P deduction to assessee society.
Co-operative bank registered under state Act, main objective providing credit facility to members who are employees, funds contributed by members given as loans on interest to members only. Principal business not banking as no transactions with general public. First and third conditions for categorization as co-operative or primary co-operative bank not met, hence not hit by Section 80P(4) disallowing deduction. Small portion of income from interest on investments and dividend, eligible for deduction u/s 80P(2)(d). Remaining income from interest from members on deposits attributable to business income, deductible u/s 80P(2)(a)(i). Authorities not justified in denying Section 80P deduction to assessee society.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
