Tax Guru1h
Interest from co-op banks ITAT Mumbai Allows Section 80P(2)(d) Deduction to Housing Society
Mumbai ruled in favor of Sterling Court E Wing Cooperative Housing Society Limited, allowing the deduction under Section 80P(2)(d) of the Income Tax Act, 1961. The appeals were filed for four ...
Tax Guru1h
ITAT Mumbai allows Section 80P(2)(d) deduction on Interest/Dividend from Co-op Bank
Mumbai recently ruled on the case of Blue Rose Industrial Premises Co-op. Society Limited vs. CIT, addressing the claim for deduction under Section 80P(2)(d) of the Income Tax Act, 1961. The case ...
Tax Guru1h
ITAT Mumbai Allows Section 80P(2)(d) deduction on interest from co-op banks
The appellant, a registered cooperative society, contended that the deduction was allowable under Section 80P (2) (d) based on precedents set by various judicial forums, including ITAT Mumbai. The ...
Tax Guru1h
ITAT Mumbai allows Section 80P(2)(d) deduction on co-op bank interest to Co-op Society
In conclusion, ITAT Mumbai ruled in favor of the assessee, affirming its entitlement to deduction under Section 80P (2) (d). This decision reinforces the principle that cooperative societies can claim ...
Tax Guru1h
No additions based solely on survey statements without supporting material
The case revolved around additions made under Sections 68, 69, and 115BBE of the Income Tax Act, 1961, based on a survey conducted under Section 133A. The primary contention was the validity of an ...
Tax Guru10h
ICAI Clears CA of Misconduct Over Alleged Irregularities in Ludhiana Branch Operations
The Board of Discipline reviewed a complaint filed by CA Sidharth Gupta against CA Hitesh Goyal, Secretary of the Ludhiana Branch of the ICAI during 2020-21. The complaint stemmed from an email sent ...
Tax Guru11h
7 Reasons to Include CMAs as “Accountants” in Income Tax Bill 2025
7 Reasons why Cost Accountant (CMA) should be included in definition of “Accountant” in the Income Tax Bill, 2025 ...
Tax Guru12h
AO Cannot Reopen Old Assessments Based on Future Amendment Banning Goodwill Depreciation Without ‘Reasons to Believe
AO issued a notice under Section 148 to reopen the assessment on the ground that the company had wrongly claimed Rs. 17.37 crores as lease payments under revenue expenditure, had improperly accounted ...
Tax Guru12h
Right to Be Forgotten for Juvenile Delinquency Records is Absolute: Rajasthan HC
Right To Be Forgotten For A Juvenile By Destroying Records Of Juvenile Delinquency Is Absolute Right And Has To Be Given Full Meaning by The State: Rajasthan HC ...
Tax Guru12h
Tax Savings Under New Regime of 2025: Guide to Deductions & Exemptions
The Union Budget 2025, presented in the Parliament Session on February 1, 2025, introduced major reforms in exemptions and deductions under the new tax regime for the Financial Year (FY) 2025-26 and ...
Tax Guru12h
Condonation of Delay in ITR Filing under Section 119(2)(b)
Condonation of Delay in Income Tax Return (ITR) Filing under Section 119 (2) (b) of the Income Tax Act, 1961 ...
Tax Guru12h
Declared Transaction Value Can Be Rejected if Questionable: CESTAT Delhi
In a recent decision by the Customs Excise and Service Tax Appellate Tribunal (CESTAT Delhi), Mittal Appliances Limited’s appeal was dismissed concerning the valuation of imported “Copper Scrap ...