Tag Archives: KARNATAKA

Interest from investing retained members’ sale proceeds is taxable under section 56, not section 80P(2)(a)(i).

By | July 2, 2026
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Interest from investing retained members’ sale proceeds is taxable under section 56, not section 80P(2)(a)(i). Issue Whether interest income earned by a co-operative credit society from investing retained, temporarily idle sale proceeds of its members’ agricultural produce qualifies for a deduction as business income under Section 80P(2)(a)(i), or if it must be classified and taxed… Read More »

Input tax credit is allowed for statutory employee canteens but blocked for voluntary contractual worker facilities.

By | June 24, 2026
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Input tax credit is allowed for statutory employee canteens but blocked for voluntary contractual worker facilities. Issue Whether an employer can claim Input Tax Credit (ITC) on GST charged by Canteen Service Providers (CSPs) for running an in-house canteen when the facility is mandatorily required under Section 46 of the Factories Act, 1948 for regular… Read More »

Biodiesel Blends with Seventy Percent or More Petroleum Oil Fall Under Heading 2710, While Blends Below Seventy Percent Are Classifiable Under Heading 3826

By | June 18, 2026
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Biodiesel Blends with Seventy Percent or More Petroleum Oil Fall Under Heading 2710, While Blends Below Seventy Percent Are Classifiable Under Heading 3826 Issue Whether biodiesel-diesel blends of varying proportions (B20, B30, B40, B50, B60, and B70) are classifiable under Heading 2710 as petroleum oil preparations or under Heading 3826 as biodiesel mixtures, based on… Read More »