The disallowance of interest income was set aside as co-operative banks fall within the definition of co-operative societies. The ruling confirms full deductibility of such interest under Section 80P(2)(d).
The Tribunal held that interest earned by a co-operative society from investments with co-operative banks falls within Section 80P(2)(d). Such income is deductible, subject to verification of the source and bifurcation.
The Tribunal held that where reassessment is based solely on search material found during a third-party search, proceedings must be initiated under section 153C. Reopening under section 147 was held to be without jurisdiction and quashed.
The dispute concerned treatment of frequent cash deposits collected from customers for recharge services. The Tribunal affirmed that income should be estimated at 8% where records and compliance were lacking.
The issue was whether penalty under section 271(1)(c) can be levied when bogus purchases are disallowed on an estimated basis. The Tribunal held that estimation does not establish concealment, making the penalty unsustainable.
The Tribunal held that a registered JV agreement with possession in 2011 constituted transfer under section 2(47). Capital gains could not be taxed in AY 2017-18 and had to be aligned to the correct year.
The issue was whether reassessment could be reopened on matters already examined in scrutiny. The Tribunal held that without fresh tangible material, reopening amounts to change of opinion and is invalid.
The issue was whether notional income booked on a joint development agreement can be taxed before project commencement. The Tribunal held that only real income can be taxed and deleted the disallowance.
The issue was whether penalty can survive once the underlying addition is deleted. The Tribunal held that penalty has no legs to stand when the quantum addition no longer exists.
The issue was whether reassessment can proceed without furnishing recorded reasons despite a taxpayers request. The Tribunal held that failure to supply reasons is a jurisdictional defect that invalidates reassessment.
