Approved gratuity fund provisions remain deductible despite general actual-payment requirements, preventing revision of the allowed gratuity deduction...
Verification of intangible software expenditure and duplicated disallowances requires record-based reassessment before depreciation and income computa...
Cash receipt aggregation requires a single transaction, event or occasion; separate partner capital contributions cannot attract cash-receipt penaltie...
Section 80P(2)(d) permits a co-operative society to claim deduction for interest derived from investments with another co-operative society, and section 80P(4) bars only a co-operative bank from claiming deduction in its own right. The ITAT applied this distinction to interest earned by a co-operative society from deposits placed with co-operative banks, following Sikkim State Cooperative Supply and Marketing Federation and distinguishing Totgars as a case under section 80P(2)(a)(i). It also relied on Doaba Cooperative Sugar Mills to hold that the source of invested funds was not decisive where the income arose from investment with a co-operative society. The disallowance was held unsustainable and the deduction was allowed.
Section 80P(2)(d) permits a co-operative society to claim deduction for interest derived from investments with another co-operative society, and section 80P(4) bars only a co-operative bank from claiming deduction in its own right. The ITAT applied this distinction to interest earned by a co-operative society from deposits placed with co-operative banks, following Sikkim State Cooperative Supply and Marketing Federation and distinguishing Totgars as a case under section 80P(2)(a)(i). It also relied on Doaba Cooperative Sugar Mills to hold that the source of invested funds was not decisive where the income arose from investment with a co-operative society. The disallowance was held unsustainable and the deduction was allowed.
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TaxTMI 
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