Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The High Court upheld the Tribunal's decision allowing deduction u/s 80P(2)(d) of the Income Tax Act to the assessee, a cooperative society, on the interest income earned from investments made with a cooperative bank. This is in line with previous judgments that cooperative societies are eligible for deduction on interest income from investments with cooperative banks, which are also cooperative societies. The Principal Commissioner's invocation of revisionary powers u/s 263 was unjustified as the assessment was not erroneous or prejudicial to revenue interests. The twin conditions for invoking Section 263 were not met.
The High Court upheld the Tribunal's decision allowing deduction u/s 80P(2)(d) of the Income Tax Act to the assessee, a cooperative society, on the interest income earned from investments made with a cooperative bank. This is in line with previous judgments that cooperative societies are eligible for deduction on interest income from investments with cooperative banks, which are also cooperative societies. The Principal Commissioner's invocation of revisionary powers u/s 263 was unjustified as the assessment was not erroneous or prejudicial to revenue interests. The twin conditions for invoking Section 263 were not met.
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