“Section 2(1)(5)(4)”

Co-operative banks are not fundamentally different from co-operative societies, entitling them to claim deductions under Section 80P of the Income Tax Act, 1961, including for interest income treated as business income.

Sections 4 and 5 of the Income Tax Act, which define total income and chargeability, are subject to Section 90, meaning that Double Taxation Avoidance Agreements (DTAAs) override the Act's provisions in case of a conflict.

Tax can only be levied or collected by authority of law, as mandated by Article 265 of the Constitution; consequently, any tax collected contrary to law must be refunded.

Income of a charitable trust, other than from a business undertaking covered by Section 11(4), is determined based on its books of account. Payments of income tax and wealth tax by the trust are considered an application of income for charitable purposes under Section 11.

The definition of 'business' is of wide import, encompassing any trade, commerce, manufacture, or adventure in the nature of trade. Even a single and isolated transaction can constitute an 'adventure in the nature of trade' if it bears the clear indicia of trade, and no fixed formula can be evolved to determine the character of such isolated transactions.

The Supreme Court dismisses appeals seeking condonation of excessive delay in filing, especially when the reasons provided for the delay, such as attributing it to an employee, are not found to be sufficient or convincing.

When two special acts conflict, the later act generally prevails, unless the dominant purpose of the earlier act is covered by the contingency in question, in which case the earlier act may prevail.

Expenditure or payments to related persons cannot be disallowed under Section 40A(2)(b) unless the Assessing Officer first establishes that the expenditure is excessive or unreasonable. The onus is on the revenue to prove such unreasonableness.