Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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