Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
A credit co-operative society's interest income from deposits and investments with nationalised banks was held eligible for deduction under section 80P(2)(a)(i) because the funds were placed in the course of business to maintain liquidity and meet operational requirements. The ITAT applied co-ordinate Bench rulings on the same issue, found the principle squarely applicable on the facts, and noted that no binding contrary precedent was shown by the Revenue. The interest was treated as attributable to the assessee's business of providing credit facilities to members, so the disallowance was unsustainable and the deduction was allowed for the assessment years under appeal.
A credit co-operative society's interest income from deposits and investments with nationalised banks was held eligible for deduction under section 80P(2)(a)(i) because the funds were placed in the course of business to maintain liquidity and meet operational requirements. The ITAT applied co-ordinate Bench rulings on the same issue, found the principle squarely applicable on the facts, and noted that no binding contrary precedent was shown by the Revenue. The interest was treated as attributable to the assessee's business of providing credit facilities to members, so the disallowance was unsustainable and the deduction was allowed for the assessment years under appeal.
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