Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
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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