Functional comparability under TNMM: broadcasters excluded, software distributors included, and no separate interest on receivables after working capi...
Page of 4826
Press 'Enter' after typing page number.
4501 to 4520 of 96508 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Selection of a notice under section 143(2) for limited scrutiny was valid because it targeted verification of a claim for deduction, and that ground of appeal was dismissed. The assessees' claim for deduction under 80P as a members' credit cooperative society was sustained by reliance on High Court precedents; the AO is directed to allow the deduction. Interest income derived from providing credit to members should be treated as business income and allowed as a deduction under the cooperative-deduction head rather than under an alternate head; AO is directed to grant deduction accordingly. Accounting provisions for interest and mandated provisioning for non performing advances comply with accrual accounting and statutory mandates, and related disallowances are deleted.
Selection of a notice under section 143(2) for limited scrutiny was valid because it targeted verification of a claim for deduction, and that ground of appeal was dismissed. The assessees' claim for deduction under 80P as a members' credit cooperative society was sustained by reliance on High Court precedents; the AO is directed to allow the deduction. Interest income derived from providing credit to members should be treated as business income and allowed as a deduction under the cooperative-deduction head rather than under an alternate head; AO is directed to grant deduction accordingly. Accounting provisions for interest and mandated provisioning for non performing advances comply with accrual accounting and statutory mandates, and related disallowances are deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
