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 : ITAT held that interest earned from scheduled and co-operative banks was attributable to the society's business of providing credi...
Income Tax : ITAT Bangalore held that deduction under Section 80P cannot be denied merely because a co-operative society has nominal or associa...
Income Tax : The ITAT Bangalore held that interest earned on compulsory statutory deposits made under the Karnataka Souharda Sahakari Act const...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : The High Court set aside the assessment order, demand notice, and bank attachment after finding that the proceedings were complete...
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...
ITAT held that interest earned from scheduled and co-operative banks was attributable to the society’s business of providing credit facilities and qualified for deduction under Section 80P(2)(a)(i).
ITAT Bangalore held that deduction under Section 80P cannot be denied merely because a co-operative society has nominal or associate members recognised under the applicable State law. It directed the Assessing Officer to allow the deduction.
The ITAT Bangalore held that interest earned on compulsory statutory deposits made under the Karnataka Souharda Sahakari Act constitutes business income eligible for deduction under Section 80P(2)(a)(i). It set aside the orders denying the deduction.
ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to its business of providing credit facilities. The deduction under Section 80P(2)(a) was therefore allowed.
The High Court set aside the assessment order, demand notice, and bank attachment after finding that the proceedings were completed without the petitioner’s participation. The matter was restored to the stage of the Section 148A(b) notice for a fresh response.
The Kerala High Court held that condonation of delay in filing the income tax return could materially affect the assessment denying Section 80P deduction. It directed the Assessing Officer to decide the rectification application within three months.
The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of income, attracting the bar under Section 80A(5).
The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of income as required under Section 139 and Section 80A(5).
The ITAT Bangalore held that, from AY 2018-19 onwards, Section 80AC makes timely filing of the return under Section 139(1) a mandatory condition for claiming deductions under Chapter VI-A. A return filed later in response to a Section 148 notice could not revive the claim for deduction under Section 80P.
The ITAT Nagpur held that investments already disclosed in the balance sheet could not be treated as unexplained investments. It deleted the addition after finding that the Assessing Officer had added disclosed investments.
