TaxTMI 
TaxTMI 
2024 (7) TMI 844
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.... 2014-15 1. The Co-operative society is entitled to claim deduction u/s 80P(2)(d) on the interest income received on FDR/Deposits kept in the bank or other institutions and thus is required to be treated as income from other sources. 2. The AO had no where mentioned in assessment order u/s 143(3) dated 15.06.2017 for A.Y. 2015-16 issue with regards to allow ability to sec. 80P(2)(d) to the assessee and therefore, reopening of assessment is valid also the validity of notice u/s 147 was not challenged by the assessee during the re-opened proceeding u/s 147. ITA No.174/Ind/2024 A.Y 2015-16 1. The Co-operative society is entitled to claim deduction u/s 80P(2)(d) on the interest income received on FDR/Deposits kept in the bank or other i....
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....have an exception with regard to the audit objections as it was there in the earlier circulars. Thus, the Ld. AR submitted that the appeals of the department are not maintainable and liable to be dismissed. He has also relied upon Circular No.18/2015 dated 02.11.2015 whereby the CBDT has clarified that in view of the judgment of Hon'ble Supreme Court in case of CIT V/s Nawanshahar Central Cooperative Bank Ltd 160 Taxman 48 (SC) the income arising from the investments made by the cooperative banks as well as commercial banks is attributable to the business of banking falling under the head "Profits and Gains of Business and Profession" and therefore, is eligible for claiming deduction u/s 80P(2)(a)(i) of the Act. The Board has decided that n....
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....red communications issued by CBDT, the following may be noted in respect of departmental appeals to be filed before ITATs and HCs and SLPs/ appeals before SC: 3.1 Monetary limits given in paragraph 4 with regard to filing appeal/SLP shall be applicable to all cases including those relating to TDS/TCS under the Act with the following exceptions where the decision to appeal/file SLP shall be taken on merits, without regard to the tax effect and the monetary limits: a. Where any provision of the Act or the Rules or notification issued thereunder has been held to be constitutionally invalid, or b. Where any order, notification, instruction or circular of the Board or the Government has been held to be illegal or ultra vires the Act or oth....
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....or i. Where mandated by a Court's directions, or j. Writ matters, or k. Matters related to wealth tax, fringe benefit tax, equalization levy and any matter other than the Income Tax Act, or l. In respect of litigation arising out of disputes related to TDS/TCS matters in both domestic and International taxation charges:- i. Where dispute relates to the determination of the nature of transaction such that the liability to deduct TDS/TCS thereon or otherwise is under question, or ii. Appeals of International taxation charges where the dispute relates to the applicability of the provisions of a Double Taxation Avoidance Agreement or otherwise m. Any other case or class of cases where in the opinion of the Board it is necessary to....
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....is with further direction to withdraw cases wherein the criteria of monetary limits as per the prevailing instruction is not satisfied, unless the question of law involved or raised in Appeal or referred to the High Court for opinion is of a recurring nature required to be settled by the higher Court. 11. The aforesaid Circular makes it clear that on the date of issuance of Circular, prevailing instructions fixing monetary limit will hold good even for pending cases. Adopting the same approach, we are of the considered view that the CBDT Circular dated 15-5-2008 would be very much applicable to the pending cases requiring department to withdraw cases wherein the tax effect is less than the prescribed monetary limits. 12. At this junctur....
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....he same assessee for any other assessment year; or (b)any other assessee for the same or any other assessment year. (3) Notwithstanding that no appeal or application for reference has been filed by an income-tax authority pursuant to the orders or instructions or directions issued under sub-section (1), it shall not be lawful for an assessee, being a party in any appeal or reference, to contend that the income-tax authority has acquiesced in the decision on the disputed issue by not filing an appeal or application for reference in any case. (4) The Appellate Tribunal or Court, hearing such appeal or reference, shall have regard to the orders, instructions or directions issued under sub-section (1) and the circumstances under which suc....