Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
HC held that petitioner is a Co-operative Society and not a Co-operative Bank, despite cancellation of its banking licence in 2004. Applying binding SC precedent, the Court ruled that deduction under s.80P(2)(d) is available to a Co-operative Society on interest income from investments with a Co-operative Bank, which itself is a Co-operative Society. The reopening of assessment, premised on the contrary assumption that such deduction was not admissible, was found legally untenable. The impugned reopening notice was quashed and the matter decided in favour of the assessee.
HC held that petitioner is a Co-operative Society and not a Co-operative Bank, despite cancellation of its banking licence in 2004. Applying binding SC precedent, the Court ruled that deduction under s.80P(2)(d) is available to a Co-operative Society on interest income from investments with a Co-operative Bank, which itself is a Co-operative Society. The reopening of assessment, premised on the contrary assumption that such deduction was not admissible, was found legally untenable. The impugned reopening notice was quashed and the matter decided in favour of the assessee.
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