https://www.taxtmi.com/caselaws?id=198187 The Tribunal allowed the appeals, ruling in favor of the assessee. It emphasized the retrospective application of the second proviso to section 40(a)(ia) and the exemption of income of credit cooperative societies under section 80P(2)(a)(i) of the Income-tax Act, 1961. The decision highlighted the importance of avoiding double taxation when the payee's income was tax-exempt and required the assessee to provide confirmation of the tax status of the credit cooperative society. The Tribunal directed the Assessing Officer to decide the issue after granting the assessee a hearing, ultimately allowing both appeals in favor of the assessee. en-us Fri, 29 Jul 2016 00:00:00 +0530 Wed, 24 Jan 2018 18:10:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198187 The Tribunal allowed the appeals, ruling in favor of the assessee. It emphasized the retrospective application of the second proviso to section 40(a)(ia) and the exemption of income of credit cooperative societies under section 80P(2)(a)(i) of the Income-tax Act, 1961. The decision highlighted the importance of avoiding double taxation when the payee's income was tax-exempt and required the assessee to provide confirmation of the tax status of the credit cooperative society. The Tribunal directed the Assessing Officer to decide the issue after granting the assessee a hearing, ultimately allowing both appeals in favor of the assessee. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198187