The Tribunal held that appeal must be verified by the authorized principal officer. Filing by an incorrect person renders the appeal invalid and not maintainable.
The Tribunal held that ESOP costs are employee compensation and qualify as revenue expenditure. Disallowance treating them as capital expenditure was deleted.
The Tribunal held that interest earned on surplus funds is business income of a credit society. Such income qualifies for deduction under Section 80P(2)(a)(i).
The Tribunal held that adding both cash deposits and withdrawals may result in double taxation. The case was remanded for fresh examination with proper opportunity.
The Tribunal held that loss from discontinued operations cannot be restricted without evidence. Fully supported expenses must be allowed under Section 37(1).
The Tribunal held that eligibility for Section 80P depends on actual activities, not the society’s name. Deduction was allowed as the society provided credit facilities to members.
The Tribunal held that deduction under Section 80P on bank interest cannot be re-examined once earlier order attained finality. The issue was restricted to allowing related expenses under Section 57.
The Tribunal held that delayed verification of an e-filed return is only a procedural lapse. Deduction under Section 80P cannot be denied when the return was filed within the due date.
The Tribunal held that disallowance of interest provision only increases business income, which remains eligible for Section 80P deduction. Hence, the addition was treated as tax-neutral and not taxable.
The Tribunal held that absence of bills for agricultural sales cannot justify addition under Section 69A. Where cultivation and land ownership are undisputed, receipts cannot be treated as unexplained income.
