Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
The ITAT allowed the Assessee's claim for deduction under section 80P(2)(a)(i) in respect of income derived from loans extended to its members/nominal members, notwithstanding that such loans were not directly related to agricultural operations. The Tribunal held the issue to be settled by binding Supreme Court precedent, concluding that the Assessing Officer erred in denying the deduction. The AO was directed to grant the deduction as claimed, thereby reducing the Assessee's taxable income accordingly. The decision affirms that a primary agricultural credit society may avail section 80P(2)(a)(i) relief for member-derived income on the facts before the Tribunal.
The ITAT allowed the Assessee's claim for deduction under section 80P(2)(a)(i) in respect of income derived from loans extended to its members/nominal members, notwithstanding that such loans were not directly related to agricultural operations. The Tribunal held the issue to be settled by binding Supreme Court precedent, concluding that the Assessing Officer erred in denying the deduction. The AO was directed to grant the deduction as claimed, thereby reducing the Assessee's taxable income accordingly. The decision affirms that a primary agricultural credit society may avail section 80P(2)(a)(i) relief for member-derived income on the facts before the Tribunal.
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