Refund claim dismissed as time-barred under s.142(5); non-obstante clause read restrictively, merits not decided, self-assessment payments not mere de...
Assessee's project-completion revenue recognition upheld; income addition deleted under Guidance Note/AS-9 and percentage-completion rules as complian...
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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