Wednesday, 22 October 2014

Grant given to safeguard the interests of depositors, though used for meeting SLR requirements of RBI relatable to its banking activity, is still capital in nature

The Nanded District Central Co-op. Bank Ltd vs. DCIT (ITAT Pune)




The objective of the Government of Maharashtra to give grant to the assessee was to protect the interests of farmers and depositors from the Nanded district and for the said purpose the Government deemed it fit to provide financial assistance to the assessee-bank to enable it to regularize its functioning. Pertinently, the functioning of the […]

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Mumbai ITAT clarifies: Capital gains exemption under Section 54F cannot be restricted by intra-head capital loss adjustment

  Recently, in a significant taxpayer-friendly ruling, the Hon’ble Mumbai ITAT, in the case of Nikesh Bhagwandas Mehta vs. ITO , has clarifi...