Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
HC ruled that Section 194N of the Income Tax Act, 1961 applies comprehensively to cooperative banking societies, rejecting the petitioner's claim for exemption under Section 80P(2). The court determined that TDS deduction on loans and subsidies is mandatory, irrespective of the society's specialized agrarian service mandate. The court distinguished prior precedents based on factual variations and found the respondents' procedural actions legally sound. Consequently, the writ petition was dismissed, upholding the 2% TDS deduction and affirming the statutory interpretation that no blanket exemption exists for cooperative banking entities.
HC ruled that Section 194N of the Income Tax Act, 1961 applies comprehensively to cooperative banking societies, rejecting the petitioner's claim for exemption under Section 80P(2). The court determined that TDS deduction on loans and subsidies is mandatory, irrespective of the society's specialized agrarian service mandate. The court distinguished prior precedents based on factual variations and found the respondents' procedural actions legally sound. Consequently, the writ petition was dismissed, upholding the 2% TDS deduction and affirming the statutory interpretation that no blanket exemption exists for cooperative banking entities.
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