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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....
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 - Every Co operative Housing Society require to file Income Tax Return on or before due date to get deduction u/s 80P of Income Tax Act 1961 from A.Y. 2018-19...
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 MoreThe Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court) - The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court of India) Limited object of section 80P(4) is to exclude co-operative banks that function at par with other commercial banks i.e. which lend money to members of the public. Thus, if the Banking Regulation Act, 1949 is now to be seen, what is ...
Read MoreThe Chombal Service Co-operative Bank Limited Vs ITO (ITAT Cochin) - The issue under consideration is whether co-operative bank is eligible for deduction under section 80P of income tax Act, 1961 ? Co-Operative Bank is Also Eligible for Deduction u/s 80P if they Primarily Engaged in Business of Banking...
Read MoreShahpura Gram Seva Sahakari Samiti Ltd. Vs ITO (ITAT Jaipur) - The issue under consideration is whether the interest received by the assessee from the Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act?...
Read MoreKechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) - Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) In the instant case, the Assessing Officer had denied the claim of deduction u/s 80P of the I.T.Act for the reason that assessee was essentially doing the business of banking and disbursement of agricultural loans by the assessee was onl...
Read MoreThe Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore) - The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)?...
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 MoreThe Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court) -
The Chombal Service Co-operative Bank Limited Vs ITO (ITAT Cochin) -
Shahpura Gram Seva Sahakari Samiti Ltd. Vs ITO (ITAT Jaipur) -
Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) -
The Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore) -
Electro Urban Co-Operative Credit Society Ltd. Vs PCIT (ITAT Kolkata) -
Peruvemba Service Cooperative Bank Limited Vs ITO (ITAT Cochin) -
JCIT Vs Kanchangauri Mahila Sahakari Patpedhi Maryadit (ITAT Mumbai) -
Akshaya Souharda Credit Cooperative Limited Vs ITO (ITAT Bangalore) -
