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Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT remitted the matter to the file of the AO for determination and computation of business income, income from other sources and entitlement to deduction under s.80P. The Tribunal held: interest derived exclusively from credit facilities to members constitutes operating profit of the co-operative society and is deductible under s.80P(2)(a)(i); interest on statutory deposits/maintenance of fluid resources is attributable to business and deductible under s.80P(2)(a)(i) irrespective of bank category; interest on investments in entities qualifying as a "banking company" (per statutory definition and licencing) in excess of statutory limits is income from other sources and not eligible for s.80P(2)(d), though fund-cost and related administrative expenses are allowable under s.57; interest or dividends from investments in other co-operative societies are fully deductible under s.80P(2)(d); idle surplus fund interest beyond statutory requirements is not business income and not deductible under s.80P(2)(a)(i).
ITAT remitted the matter to the file of the AO for determination and computation of business income, income from other sources and entitlement to deduction under s.80P. The Tribunal held: interest derived exclusively from credit facilities to members constitutes operating profit of the co-operative society and is deductible under s.80P(2)(a)(i); interest on statutory deposits/maintenance of fluid resources is attributable to business and deductible under s.80P(2)(a)(i) irrespective of bank category; interest on investments in entities qualifying as a "banking company" (per statutory definition and licencing) in excess of statutory limits is income from other sources and not eligible for s.80P(2)(d), though fund-cost and related administrative expenses are allowable under s.57; interest or dividends from investments in other co-operative societies are fully deductible under s.80P(2)(d); idle surplus fund interest beyond statutory requirements is not business income and not deductible under s.80P(2)(a)(i).
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