Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Interest earned by a co-operative society on surplus funds placed with a co-operative bank was not deductible under section 80P(2)(a)(i) because the payer was not a member of the society and the income was assessable as income from other sources. However, the Tribunal found that the bank was registered as a co-operative society despite holding a banking licence, so the same interest qualified for deduction under section 80P(2)(d). The contrary view taken by the lower authorities was rejected, and the appeals were partly allowed for both assessment years.
Interest earned by a co-operative society on surplus funds placed with a co-operative bank was not deductible under section 80P(2)(a)(i) because the payer was not a member of the society and the income was assessable as income from other sources. However, the Tribunal found that the bank was registered as a co-operative society despite holding a banking licence, so the same interest qualified for deduction under section 80P(2)(d). The contrary view taken by the lower authorities was rejected, and the appeals were partly allowed for both assessment years.
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