S. 80P : Co-operative societies Credit facilities to its members-Nominal members-Issue restored to Assessing Officer to examine claim following the decision of Supreme Court in Mavilayi Service Co-Operative Bank L td. v. CIT (2021) 431 ITR 1 (SC)-Interest earned from deposits kept with bank-Income from other sources-Corresponding expenditure incurred in earning interest income should be allowed as deduction-Issue restored to Assessing Officer-Cash credits-Demonetisation-Money deposited by its members towards repayment of loans and pigmy deposits-Stopped collection after receipt of Notification Dated 14-11-2016 issued by Reserve Bank Of India-Cash deposits can not be treated as unexplained money-Addition is deleted [S. 56,68, 80P(2)(a)(i), 80P(2)(d)]

S. 80P : Co-operative societies-Deposits made out of surplus funds with Co-Operative Banks and scheduled Banks-Entitled to deduction of interest.[S.80P(2)(a)(i), 80P(2(d), Maharashtra Co-operative Societies Act, 1960,]

S. 80IC : Special category States-Delay in filing return-Mistake of Auditor-Delay condoned-Fall in gross profit-Books of account not rejected-Addition is deleted. [S.80AC, 139, 145]

S. 80IC : Special category States-Eligible profits-Disallowance of sales promotion expenses-Freebies-Enhancement of profits of eligible business-Directed to recompute eligible profits and allow deduction-Profit derived from sale of scrap-Eligible for deduction-Central Board Of Direct Taxes Circular No. 37 Of 2016, Dated 2-11-2016.]

S. 80G : Donation-Time-limit for application for approval-Dismissed on ground that application was made beyond time-Limit Board circular extending time-Matter remanded to the CIT(E) to decide in accordance with law.[S.80G(5), Form No 10B]

S. 80G : Donation-Application for registration dismissed on ground Form 10AB was filed beyond time prescribed-Central Board Of Direct Taxes Circular No. 7 Of 2024, Dated April 25, 2024 (2024) 463 ITR 14 (St)-Directed Commissioner (E) to consider Assessee’s application and grant exemption-Delay of 243 days in filing of appeal is condoned.[S.12A,80G(5)(iii), 253(5), Form No 10A, 10AB]

S. 70 : Set off of loss-One source against income from another source-Same head of income-Loss incurred on sale of shares on Stock exchange platform-Securities transaction tax paid-Eligible to be set off against long-term capital gains earned from sale of unlisted shares. [S. 10(38), 45, 71 74]

S. 69C : Unexplained expenditure-Search and seizure-Seizure of diary entries of cash payment to vendors-Names of relatives also mentioned-Affidavit is rejected-Addition is justified. [S.115BBE, 132(4)

S. 69A : Unexplained money-Trading in firecrackers-Cash deposited-Demonetisation-Cannot be assessed as undisclosed income. [S. 145]

S. 69 : Unexplained investments-Unexplained money-Agricultural activities-Mistakenly reported as gross instead net income-Affidavit explaining the facts-Not cross examined-Content is proved to be correct unless rebutted by evidence-Addition is deleted-Delay in filing of appeal is condoned. [S,69A 115BBE]