Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Page of 4805
Press 'Enter' after typing page number.
5321 to 5340 of 96100 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Interest earned on short-term bank deposits of surplus funds retained its character as income attributable to the business of providing credit facilities to members, so it qualified for deduction under section 80P(2)(a)(i). Applying Tumkur Merchants Souharda Credit Cooperative Ltd., the Tribunal held that temporary investment of funds not immediately required for lending does not convert such interest into income from other sources. It also distinguished the Totgars decisions, noting they concerned section 80P(2)(d) and were not governing on the facts. The lower authorities' denial of deduction was held erroneous, and the deduction was directed to be allowed.
Interest earned on short-term bank deposits of surplus funds retained its character as income attributable to the business of providing credit facilities to members, so it qualified for deduction under section 80P(2)(a)(i). Applying Tumkur Merchants Souharda Credit Cooperative Ltd., the Tribunal held that temporary investment of funds not immediately required for lending does not convert such interest into income from other sources. It also distinguished the Totgars decisions, noting they concerned section 80P(2)(d) and were not governing on the facts. The lower authorities' denial of deduction was held erroneous, and the deduction was directed to be allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
