Corporate Law : Learn about the characteristics, types, and tax implications of cooperative societies in India, including deductions under Section...
Income Tax : Explore Circular 13/2023 on Income Tax condoning delays for returns claiming 80P deduction from AY 2018-19 to AY 2022-23. Understa...
Income Tax : TDS on Cash Withdrawals - Section 194N of Income Tax Act, 1961: Section 194N provides that every banking company, cooperative bank...
Income Tax : Understand the tax implications of interest on securities and income from house property for co-operative societies. Learn about S...
Income Tax : Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative b...
Income Tax : The anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by includin...
Income Tax : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : The Tribunal held that interest income earned from mandatory reserve fund deposits and co-operative bank accounts qualifies for de...
Income Tax : The petitioner stated that reassessment notices were not acted upon because the auditor failed to inform it about the proceedings....
Income Tax : ITAT Bangalore held that the presence of associate or nominal members does not disqualify a co-operative society from claiming ded...
Income Tax : ITAT Rajkot held that revision under section 263 was not sustainable where the Assessing Officer had already conducted extensive v...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
Income Tax : Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80...
Income Tax : Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, t...
Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of account. It rejected the Revenue’s view that NPAs classified earlier must necessarily be written off in those earlier years.
The Tribunal held that interest income earned from mandatory reserve fund deposits and co-operative bank accounts qualifies for deduction under Section 80P. It observed that temporarily parking surplus funds does not amount to carrying on a separate investment activity.
The petitioner stated that reassessment notices were not acted upon because the auditor failed to inform it about the proceedings. The Court allowed fresh adjudication and restored the matter to the Section 148A(b) stage.
ITAT Bangalore held that the presence of associate or nominal members does not disqualify a co-operative society from claiming deduction under Section 80P(2)(a)(i). The Tribunal relied on the Supreme Court ruling in Mavilayi Service Co-operative Bank Ltd.
ITAT Rajkot held that revision under section 263 was not sustainable where the Assessing Officer had already conducted extensive verification of agricultural income and expenses. The Tribunal observed that detailed notices, documentary evidence, and independent inquiries were part of the original assessment proceedings.
The ITAT Chennai restored the assessment matter to the Assessing Officer after noting that the assessee’s condonation petition under Section 119(2)(b) was still pending. The Tribunal held that the decision on condonation directly affected eligibility for deduction under Section 80P.
Pune ITAT held that once the Assessing Officer accepted the explanation for cash deposits, reassessment could not continue on a completely new issue without issuing a fresh notice under Section 148.
Bangalore ITAT held that interest earned on statutory SLR and fluid resource deposits maintained under the Karnataka Co-operative Societies Act qualifies for deduction under Section 80P(2)(a)(i).
ITAT Pune held that delay caused by lack of proper legal advice and dependence on tax consultants constituted reasonable cause. The matter was remanded for fresh adjudication on Section 80P deduction.
Pune ITAT held that interest earned by a co-operative credit society from deposits with co-operative banks qualifies for deduction under Section 80P(2)(d). The Tribunal clarified that the Supreme Court ruling in Totgars does not apply to such claims.
