Section 80P

Interest income derived by assessee, co-operative society from its investments held with a co-operative bank, was entitled for claim of deduction under section 80P(2)(d) as for the purposes of section 80P(2)(d) of the Act, Cooperative Bank Ltd shall be treated as a co-operative society....

Swabhimani Souharda Credit Co Operative Ltd Vs Government of India (Karnataka High Court) Petitioner  is a Credit Cooperative, registered under the Karnataka Souharda Sahakari Act, 1997; petitioner is registered as the State Federal Cooperative, as provided under Section 33 of the said Act; they have knocked at the doors of writ court in...

Though the co-operative banks pursuant to the insertion of sub­section (4) to Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but as a co-operative bank continues to be a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being i...

Where assessee-society was engaged in activity of finance business and was also engaged in activity of granting loans to general public as well, it could not be termed as co-operative society meant only for its members and providing credit facilities to its members, hence assessee was not entitled to deduction under section 80P....

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 taxmann.com/379 ITR 330 wherein ‘...

The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court) In view of the law laid down by the Apex Court in Citizen Co-operative Society v. Assistant Commissioner of Income Tax: AIR 2017 SC 5147, it cannot be contended that, while considering the claim made by an assessee society for deduction under Section 80P […]...

ITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin) Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The Hon’ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. (supra) had held that a primary agricultural credit society, registe...

Interest earned by co-operative society, engaged in banking business, out of investment made with co-operative bank deductible u/s 80P(2)(a)(i)...

ITO Vs Ernakulam Cooperative Agricultural & Rural Development Bank Limited (ITAT Cochin) Section 80P(2)(a)(i) was denied for two reasons by the Assessing Officer. The CIT(A) while allowing the claim of the assessee had not adjudicated the issue whether the assessee can be granted deduction u/s 80P, when the assessee’s area of operat...

Jawala Cooperative Urban Thrift & Credit Society Ltd. Vs ACIT (ITAT Delhi) Funds kept in bank could be said to be ready for utilization by the assessee, cooperative society, in its business of providing credit facilities to its members, and therefore, the income from such monies, kept in bank, were attributable to the business of [&he...