https://www.taxtmi.com/caselaws?id=179029 The Tribunal partly allowed the taxpayer's appeal, emphasizing compliance with the Income-tax Act provisions. The taxpayer was denied deduction u/s 80P due to late filing, and the assessing officer's unreasonable restriction on depreciation was overturned. However, disallowance u/s 40a(ia) was upheld as the taxpayer, despite being a cooperative society, engaged in banking activities, making them liable to deduct tax. The Tribunal directed a re-examination of depreciation and upheld the lower authorities' decision on tax deduction obligations, stressing adherence to tax laws. en-us Fri, 22 Mar 2013 00:00:00 +0530 Fri, 10 Mar 2023 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179029 The Tribunal partly allowed the taxpayer's appeal, emphasizing compliance with the Income-tax Act provisions. The taxpayer was denied deduction u/s 80P due to late filing, and the assessing officer's unreasonable restriction on depreciation was overturned. However, disallowance u/s 40a(ia) was upheld as the taxpayer, despite being a cooperative society, engaged in banking activities, making them liable to deduct tax. The Tribunal directed a re-examination of depreciation and upheld the lower authorities' decision on tax deduction obligations, stressing adherence to tax laws. Case-Laws Income Tax Fri, 22 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179029