International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
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Section 43B(e) was held inapplicable to interest payable by a co-operative society on deposits from its own members, because the clause covers only interest on loans or advances from the specified institutions. The liability had accrued during the year and was recorded under the governing co-operative law, so the expenditure was allowable on accrual basis under section 37(1). The Tribunal also noted that the assessee's entitlement to deduction under section 80P(2)(a)(i) had already been affirmed, and any enhanced business profits arising from the disallowance would also qualify for deduction under section 80P. The addition was deleted.
Section 43B(e) was held inapplicable to interest payable by a co-operative society on deposits from its own members, because the clause covers only interest on loans or advances from the specified institutions. The liability had accrued during the year and was recorded under the governing co-operative law, so the expenditure was allowable on accrual basis under section 37(1). The Tribunal also noted that the assessee's entitlement to deduction under section 80P(2)(a)(i) had already been affirmed, and any enhanced business profits arising from the disallowance would also qualify for deduction under section 80P. The addition was deleted.
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