Income Tax - Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative banks (excluding a primary agricultural credit society or a primary co-operative agricultural and rural development bank), full deduction is allowable in respect of the following income: A.Where 100% deduction i...
Read MoreIncome 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 - 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 MoreVarathappam Palayam Primary Agricultural Co-op. Credit Society Vs ITO (ITAT Chennai) - Assessee, being co-operative society, is out of the provisions of section 80P(4) and eligible for deduction under section 80P(2)(a)(i)...
Read MorePrathamika Krishi Pattina Vs ITO (ITAT Bangalore) - ITAT held that that section 80A(5) of the Act is applicable only when a return of income is filed by an assessee and a deduction under Chapter VI A of the Act, is not claimed in such return of income. It will not apply to a case where no return of income is filed....
Read MoreManjunatheshwara Credit Co-operative Society Limited Vs ITO (ITAT Bangalore) - Assessee was neither entitled to deduction under section 80P(2Xd) nor under section 80P(2)(a)(i) in respect of interest income earned from investments with Cooperative Banks such interest income was to be assessed as income from other sources....
Read MoreIndian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) - Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) Brief facts are that the assessee is The Indian Bank Employees Cooperative Credit Society Limited. On perusal of the profit and loss account and the computation of income, the Assessing Officer observed that the assessee h...
Read MoreITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) - ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) The CIT(A) had held rental income received by the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. The relevant finding of the CIT(A) reads as follows:- “The appellant derived rental income amounting to Rs.24,400/- in A...
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 MoreVarathappam Palayam Primary Agricultural Co-op. Credit Society Vs ITO (ITAT Chennai) -
Prathamika Krishi Pattina Vs ITO (ITAT Bangalore) -
Manjunatheshwara Credit Co-operative Society Limited Vs ITO (ITAT Bangalore) -
Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) -
ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) -
Bhagyalaxmi Nagri Sahakari Patsanstha Meryadit Vs ITO (ITAT Pune) -
Nikhara Souharda Credit Co- operative Limited Vs ITO (ITAT Bangalore) -
Krishnarajapet Taluk Agri Pro Co-op Marketing Society Ltd. Vs PCIT (ITAT Bangalore) -
V.K. Natha co-operative Vs ACIT (ITAT Mumbai) -
Rena Sahakari Sakhar Karkhana Ltd. Vs PCIT (ITAT Pune) -