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...
The ITAT ruled that a Section 148 notice issued by a Jurisdictional AO after 29.03.2022 is invalid because, under the Faceless Reassessment Scheme, only the Faceless Assessing Officer can issue such notices. The entire reassessment was therefore quashed as without jurisdiction.
Tribunal held that a provision for bad debts need not be routed through the Profit & Loss account in the first eligible year under Section 36(1)(viia). The disallowance was deleted as the audited statements reflected the provision as on 31.03.2007.
ITAT Lucknow held that part of commission income from sugar mills cannot be taxed since other part of commission income has already been allowed for deduction under section 80P of the Income Tax Act. Accordingly, addition of part of commission income set aside and appeal allowed.
The Tribunal held that audited separate books proved correct profits, making the AO’s proportionate estimation unsustainable. 80P deduction cannot be reduced when business-wise accounts are properly maintained.
Tribunal confirms that co-operative societies’ operational expenditures have business nexus with interest income; Section 57 deduction of Rs.62.57 lakh allowed.
Tribunal rules that Souharda societies registered under state law qualify as cooperative societies under section 2(19), allowing 80P(2)(a)(i) and 80P(2)(d) deductions. Revenue’s appeal dismissed.
The ITAT held that without a condonation petition, a 300-day delay cannot be excused. The ruling underscores that delay must be justified before merits—including Section 80P—can be considered.
The Court held that late audit by the state-appointed Sub-auditor justified condonation of delay in filing the return. It found that the authority failed to consider mandatory guidelines requiring examination of audit-related delays. The impugned orders were quashed and fresh return filing was permitted.
This case examines whether the PCIT could revise an assessment under section 263 when the AO allowed interest income deduction under section 80P. The ITAT ruled that the AO’s order was a plausible view, and both conditions for invoking section 263 were not met.
The ITAT Mumbai invalidated the reopening of an income-tax assessment under section 148, holding that no new tangible material was found. Interest income from co-operative banks and other receipts had already been considered in the original assessment.
