The issue was whether interest earned from co-operative banks qualifies for deduction under section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies for this provision, making the interest fully deductible.
ITAT Pune held that deduction under section 80P of the Income Tax Act admissible on interest income received by co-operative society from deposits with co-operative banks and nationalized banks. Accordingly, appeal of the assessee is allowed.
The notification keeps the export prohibition intact while carving out a narrow exception for capped exports. Up to 5 LMT of wheat flour and related products can now be exported under a special authorisation route.
The government has notified detailed procedures for exporting wheat flour under HS Code 1101. Exporters must meet eligibility norms, quantity thresholds, and strict compliance conditions to secure authorisation.
Madras High Court held that benefit of amnesty notification no. 7/2023-Central Tax dated 31.03.2023, and was amended by notification no.25/2023-Central Tax dated 17.07.2023 for late fee waiver has to be extended to all taxpayers who filed their GST Annual Returns [GSTR-9 and GSTR-9C] before issuance of above notification i.e. before 01.04.2023.
The Court upheld the Tribunal’s view that interest cannot be levied when duty paid is fully creditable to downstream units. It confirms that compensatory interest requires actual revenue loss.
ITAT Mumbai held that disallowance on account alleged fictitious trading loss in absence of any direct incriminating material is not sustainable. Accordingly, CIT(A) rightly deleted the disallowance and allowed the appeal of the assessee. Thus, the present appeal by revenue is dismissed.
Madras High Court held that reassessment notice under section 148 of the Income Tax Act for Assessment Year 2014-2015 issued on 29.07.2022 issued under new regime is held to be in time. Accordingly, writ petition stands dismissed.
The issue was whether unsecured loans from directors routed through a partnership firm could be treated as unexplained cash credits. The Tribunal held that once identity, creditworthiness, and genuineness are proved through books and bank records, section 68 addition cannot survive.
The issue was whether adjustment of brought-forward loss and depreciation under MAT could be altered through rectification. The Tribunal held that such MAT computation involves interpretation and debate, making section 154 inapplicable.
