“Section 2(39)”
The decision most relied on for Section 2(39) is 1. Bihar State Co-operative Bank Ltd. v. CIT (39 ITR 114), cited in 76 judgments on BharatTax.
Leading authorities on Section 2(39)
Interest income earned by a co-operative bank from the investment of its surplus funds, including those statutorily required to be placed in approved securities, is attributable to its banking business and qualifies for deduction under Section 80P(2)(a)(i).
The levy of interest under Section 234-A of the Income Tax Act is statutory, mandatory, and automatic, meaning it cannot be a question of law that can be raised in appeal. The High Court's jurisdiction under Section 260A is limited to questions of law, and thus, observations on the levy of interest are generally outside its scope.
A company undergoing restructuring activity during the relevant financial year may be rejected as a comparable in transfer pricing analysis, as such events can impact its profitability.
The residential status of an assessee is determined by the control and management of its affairs during the previous year in which the income arises. Objections regarding the place of assessment cannot be raised in an appeal against the assessment order under the Income Tax Act.
