The central question raised was whether the Assessee could claim exemption under Section 10(38) after initially not doing so during the assessment proceedings.
Discover the conditions for issuance of a reassessment notice u/s 153A beyond six years & explore the detailed analysis of ACIT Vs Goldstone Cements Ltd. (ITAT Kolkata) case.
ITAT held that Co-Operative Societies can claim Interest Received from Co-Op. Banks as Deduction u/s 80P(2) of the I. T. Act, 1961
Clause 40 of the tax audit report requires the disclosure of important financial information regarding turnover, gross profit, net profit, stock-in-trade, and material consumption/finished goods production for the previous year and the preceding previous year.
