https://www.taxtmi.com/caselaws?id=770346 The SC/Tribunal ruled in favor of the cooperative society, quashing penalties and reassessment demands for AY 2012-13 and 2013-14. The key findings were: (1) granting Section 80P deduction implies proper book maintenance, negating penalty under Section 271A; (2) interest income from fixed deposits is taxable while member loan transactions remain exempt; and (3) reassessment proceedings were arbitrary and lacked substantive evidence of income concealment. en-us Wed, 07 May 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770346 The SC/Tribunal ruled in favor of the cooperative society, quashing penalties and reassessment demands for AY 2012-13 and 2013-14. The key findings were: (1) granting Section 80P deduction implies proper book maintenance, negating penalty under Section 271A; (2) interest income from fixed deposits is taxable while member loan transactions remain exempt; and (3) reassessment proceedings were arbitrary and lacked substantive evidence of income concealment. Case-Laws Income Tax Wed, 07 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770346