SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
ITAT held that interest income from deposits and investments with co-operative banks qualifies for deduction under s.80P(2)(d), as co-operative banks are, in substance, co-operative societies. Following consistent judicial precedent, ITAT ruled the assessee is legally entitled to claim such deduction. However, since necessary documentary details were not produced before the lower authorities, ITAT did not grant the deduction outright. Instead, ITAT remanded the matter to the Jurisdictional Assessing Officer to examine the evidentiary details to be furnished by the assessee, after affording adequate opportunity of hearing, and directed that, if the factual claim is found correct, the deduction under s.80P(2)(d) shall be allowed accordingly.
ITAT held that interest income from deposits and investments with co-operative banks qualifies for deduction under s.80P(2)(d), as co-operative banks are, in substance, co-operative societies. Following consistent judicial precedent, ITAT ruled the assessee is legally entitled to claim such deduction. However, since necessary documentary details were not produced before the lower authorities, ITAT did not grant the deduction outright. Instead, ITAT remanded the matter to the Jurisdictional Assessing Officer to examine the evidentiary details to be furnished by the assessee, after affording adequate opportunity of hearing, and directed that, if the factual claim is found correct, the deduction under s.80P(2)(d) shall be allowed accordingly.
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