Income earned by a co-operative society from interest on FDRs / Saving balances with commercial banks qualifies for exemption u/s 80P(2)(a)(i)

Section 143(2)(ii) clearly stipulates service of notice and not issuance of notice. For details view www.taxmann.com

Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Source: www.taxmann.com