Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
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Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
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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