https://www.taxtmi.com/caselaws?id=756852 The Madras HC addressed petitioners' claim for deduction under Section 80P(2)(d) regarding interest from cooperative banks. The court found petitioners neglected assessment proceedings by failing to file returns under Section 139(4) and not participating after Section 148 notices. While ruling that exemption availability under Section 80P(2)(d) cannot be decided under Article 226, the court granted petitioners another opportunity. The impugned orders were quashed and cases remitted for fresh assessment from show cause notice stage. Each petitioner was directed to pay Rs. 10,000 to Siddha Centre, Madura within 15 days and participate in de-novo proceedings. en-us Thu, 11 Jul 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:05:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756852 The Madras HC addressed petitioners' claim for deduction under Section 80P(2)(d) regarding interest from cooperative banks. The court found petitioners neglected assessment proceedings by failing to file returns under Section 139(4) and not participating after Section 148 notices. While ruling that exemption availability under Section 80P(2)(d) cannot be decided under Article 226, the court granted petitioners another opportunity. The impugned orders were quashed and cases remitted for fresh assessment from show cause notice stage. Each petitioner was directed to pay Rs. 10,000 to Siddha Centre, Madura within 15 days and participate in de-novo proceedings. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756852