Home Highlights January 2015 Year 2015 This

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1. Assessee has to be regarded to be a primary co-operative bank as all the three basic conditions are complied with, therefore, it is a primary co-operative bank and the...

2. Assessee has not to be regarded to be a primary co-operative bank as all the three basic conditions are not complied with –thus, it is not a co-operative bank and the...

3. Assessee society cannot be regarded to be a primary co-operative bank as all the three conditions are not complied with and it is not a co-operative bank and the...

4. Disallowance of deduction claimed u/s 80P - As it is clear from the byelaws and particularly primary objects and principle business of the assessee that the assessee is...

5. Cancellation of licence of the CKP Co-operative Bank Limited to carry on the banking business in India - The RBI has rightly exercised its powers and had complied with...

6. Imposition of penalty u/s 271(1)(b) - non-compliance of the notice issued under Section 142(1) - if the assessee really had no connection with the Swiss Bank accounts,...

7. Validity of reopening of assessment - No statutory notice u/s 143(2) has been served - assessee failed to comply with the notice u/s 148 of the Act within the time...

8. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

9. The provisions of Section 80P were made inapplicable in relation to any Co-operative Bank other than the Primary Agriculture Credit Society or Primary Co-operative...

10. Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO...

11. Deduction u/s 80P(2)(a)(i) - the three conditions as provided under Section 5 (CVV) of the Banking Regulation Act, 1949, are to be satisfied cumulatively and except...

12. TDS u/s 194H - Addition u/s 40(a)(ia)- assessee has paid Bank Guarantee Commission to Scheduled Banks approved by RBI - In the present case it is one of the banking...

13. Addition u/s 68 - Unexplained share application money - onus to prove - Where the assessee shows that entries regarding cash credit in a third party’s account are...

14. Unexplained investment - Primary onus - The assessee has deposited cash in its ICICI Bank account on various occasions, and onus is very heavy on assessee to explain...

15. Refund of excess IGST paid - Payment of IGST @18% instead of 0.1% erroneously - petitioner mainly contended that the respondents have committed an error in denying the...