Section 80P

Section 80P Deduction for Farm Producer Companies

Income Tax - Section 80P deduction to Farm Producer Companies (FPC), having a total turnover upto Rs 100 Crore, whose gross total income includes any income from- (i) the marketing of agricultural produce grown by its members, or...

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Brief on Multi State Co-Operative Society

Income Tax - The MSCS Act, 2002, along with MSCS Rules, 2002 govern the compliance requirement of MSCS.MSCS is a society registered or deemed to be registered under this Act and includes a national cooperative society and a Federal cooperative. It may make its bye-laws consistent with the provisions of this act and the rules made there under...

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Tax on Bank Interest of Co-Op Society, Club or Mutual Association

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....

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Dear Assessing Officer, Please Co-operate With Co-operative Banks

Income Tax - Co-operative banking is being aided and encouraged by the State Governments vide the various provisions of State Co-operative Societies Acts. A co-operative bank is a co-operative society, which is union of persons established according to the principles of equality, the number of whose members is unlimited and the purpose of which is, by...

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Section 80P and income from investments – Co-operative Credit Societies- a nightmare

Income Tax - Co-operative credit societies enjoy the deduction u/s 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. Recently, IT department has started denying ...

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Clarify on exemption of interest on deposits by co-operative societies with multi-State cooperative banks

Income 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....

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Deduction U/s. 80P(2)(d) eligible to Co-operative society on Interest from co-operative banks despite not providing credit facilities to members

ITO Vs Shree Keshorai Patan Sahakari Sugar Mill (ITAT Jaipur) - There is no condition for co-operative society to be engaged in the activity of providing credits to the members or banking business for availing of the deduction under section 80P(2)(d)....

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Sec 80P Deduction available to Co-Bank for Interest on Investments with Sub-Treasuries during its Business

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) - ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) The Assessing Officer in the impugned orders had disallowed the claim stating that the assessee could not be treated as a primary agricultural credit society as it is engaged in the business of banking and in view of insertio...

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Principle of mutuality cannot be denied simply because there are two categories of members as per bye-laws of society

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) - M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) The AO and CIT(A) have considered the ordinary members and nominal members are different class of members. AO accepts that ordinary members are having mutuality but he denies the same with reference to nominal memb...

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Deduction U/s. 80P(2)- Primary agricultural credit society?

ITO Vs Nannambra Service Cooperative Bank Ltd. (ITAT Cochin) - An institution registered as a Primary Agricultural Credit Society (PACS) was not entitled to obtain Banking License and, therefore, could not be considered as bank not entitled for deduction under section 80P(2)....

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Allowability of deduction U/s. 80P(2)(a)(i) to Co-operative society engaged in providing credit facilities to members

Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur) - These appeals preferred by the assessee emanates from the order of learned Commissioner (Appeals)-2, Jodhpur for assessment year 2008-09 vide order dated 19-11-2015; assessment year 2010-11 vide order dated 20-11-2015...

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Clarification regarding eligibility of deduction under Section 80P to Regional Rural Banks

Circular 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...

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Section 80P’s Popular Posts

Recent Posts in "Section 80P"

Deduction U/s. 80P(2)(d) eligible to Co-operative society on Interest from co-operative banks despite not providing credit facilities to members

ITO Vs Shree Keshorai Patan Sahakari Sugar Mill (ITAT Jaipur)

There is no condition for co-operative society to be engaged in the activity of providing credits to the members or banking business for availing of the deduction under section 80P(2)(d)....

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Sec 80P Deduction available to Co-Bank for Interest on Investments with Sub-Treasuries during its Business

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin)

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) The Assessing Officer in the impugned orders had disallowed the claim stating that the assessee could not be treated as a primary agricultural credit society as it is engaged in the business of banking and in view of insertion of section 80P(4) with effect from [&h...

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Principle of mutuality cannot be denied simply because there are two categories of members as per bye-laws of society

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad)

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) The AO and CIT(A) have considered the ordinary members and nominal members are different class of members. AO accepts that ordinary members are having mutuality but he denies the same with reference to nominal members. The principle of mutuality cannot b...

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Deduction U/s. 80P(2)- Primary agricultural credit society?

ITO Vs Nannambra Service Cooperative Bank Ltd. (ITAT Cochin)

An institution registered as a Primary Agricultural Credit Society (PACS) was not entitled to obtain Banking License and, therefore, could not be considered as bank not entitled for deduction under section 80P(2)....

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Allowability of deduction U/s. 80P(2)(a)(i) to Co-operative society engaged in providing credit facilities to members

Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur)

These appeals preferred by the assessee emanates from the order of learned Commissioner (Appeals)-2, Jodhpur for assessment year 2008-09 vide order dated 19-11-2015; assessment year 2010-11 vide order dated 20-11-2015...

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Section 80P: Interest on Surplus Fund invested in Short Term Deposits is Other Income

ITO Vs The New India Assurance Co. Ltd. Employees' Co-op. Credit Society Ltd. (ITAT Kolkata)

Hon’ble Supreme Court in the case of M/s. Totagars Co-operative Sale Society Ltd. is binding on the revenue authority for the proposition that the interest income arising out of surplus fund invested in short term deposits and securities is the income from other sources. ...

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Deduction u/s 80P(2) on interest received on deposits with Sub-Treasuries.

The Padne Service Cooperative Bank Limited Vs. The Income Tax Officer Ward- 2 (ITAT Cochin)

In an assessee- favor ruling, the Cochin bench of ITAT said that the assessee, a primary agricultural credit society is entitled to the benefit of deduction under Section 80P (2) of the Income Tax Act, with regard to interest received on deposits made by the assessee with sub treasury....

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Section 80P Deduction for Farm Producer Companies

Section 80P deduction to Farm Producer Companies (FPC), having a total turnover upto Rs 100 Crore, whose gross total income includes any income from- (i) the marketing of agricultural produce grown by its members, or...

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Posted Under: Income Tax |

Primary Agricultural Co-op Credit Society is eligible for Sec. 80P Deduction

ITO Vs M/s.Edanad- Kannur SCB Ltd. (ITAT Cochin)

ITO Vs M/s. Edanad- Kannur SCB Ltd. (ITAT Cochin) The undisputed facts are that the assessees in these cases are all primary agricultural credit society and they are registered as such under the Kerala Co­operative Societies Act. The Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Limited & Ors....

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Deduction u/s 80P eligible on ‘interest’ earned by assessee on deposits placed with SBI by SBI Officers Co-op. Credit Society

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad)

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad) This is assessee’s appeal for the A.Y 2012-13. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-10, Hyderabad, dated 2.11.2016 confirming the dis allowance of Rs. 77,44,295 claimed by the assessee as a deduction u/s 80P of the Act. […]...

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