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Income Tax - 1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961....
Read MoreIncome Tax - U/s 2(19) of the Income Tax Act 1961, ‘cooperative society’ means a cooperative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of the cooperative societies....
Read MoreIncome Tax - Co-operative credit societies enjoy the deduction under section 80P in respect of the whole of their income attributable to banking business. However, the term ‘income attributable to banking business’ has become a vexed term, especially in light of recent judicial developments on the subject matter....
Read MoreIncome Tax - Co operative Credit society providing banking or credit facility to its members is taxable under section 80P or not? Meaning and Definitions: 1) Meaning of Co operative Society: Section 2(19) of IT Act, 1961: ‘Cooperative Society’ means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), o...
Read MoreIncome Tax - Every Co operative Housing Society require to file Income Tax Return on or before due date to get deduction u/s 80P of Income Tax Act 1961 from A.Y. 2018-19...
Read MoreIncome Tax - The anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by including therein a society registered under the Central Act currently applicable....
Read MorePoothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) - Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) The question which is pending for adjudication before the appellate authority is whether the petitioners who are co-operative Societies are entitled for deduction under Section 80 (P) of the Income Tax Act. The Assessing Officer ha...
Read MoreVanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) - Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income earned by the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the ...
Read MorePCIT Vs Keradi Milk Producers Women Co-Operative Society Limited (Karnataka High Court) - On the aspect of delay, genuine hardship would have to be considered before condoning the delay and discretion has to be exercised in genuine cases of hardship and accordingly, exercising his discretion, learned single Judge held that application seeking condonation of delay in filing the returns ha...
Read MoreDaee Coop T&C Society Vs ACIT (ITAT Chennai) - Daee Coop T&C Society Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee is a credit co-operative society registered under the TamilNadu Cooperative Societies Act, 1983. It is also not in dispute that the assessee is engaged in the business of providing credit...
Read MoreThe Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court) - The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court of India) Limited object of section 80P(4) is to exclude co-operative banks that function at par with other commercial banks i.e. which lend money to members of the public. Thus, if the Banking Regulation Act, 1949 is now to be seen, what is ...
Read MoreCircular No. 6/2010-Income Tax - (20/09/2010) - Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, they were considered to be not eligible for deduction under section 80P when the section was originally introduced. However, as section 22 of the Regional Rural Bank Act p...
Read MorePoothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) -
Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) -
PCIT Vs Keradi Milk Producers Women Co-Operative Society Limited (Karnataka High Court) -
Daee Coop T&C Society Vs ACIT (ITAT Chennai) -
The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court) -
The Chombal Service Co-operative Bank Limited Vs ITO (ITAT Cochin) -
Shahpura Gram Seva Sahakari Samiti Ltd. Vs ITO (ITAT Jaipur) -
Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) -
The Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore) -
