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...
Hyderabad ITAT held that even a delayed return filed during assessment is valid, and absence of mandatory Section 143(2) notice renders the entire assessment void.
The Tribunal held that interest earned by a co-operative housing society from deposits with a co-operative bank is eligible for deduction, as the bank continues to be a co-operative society.
The tribunal held that interest earned on deposits with Cooperative Banks qualifies for deduction under Section 80P(2)(d), overturning the earlier disallowance.
The dispute involved taxing deposits despite a declared loss. The Tribunal held that when accounts show a loss, blanket addition of deposits is unsustainable.
ITAT Pune ruled that interest earned by a cooperative society from ICICI and HDFC banks retains its character as business income and qualifies for deduction under section 80P(2)(a).
The Tribunal held that once delay in filing the return is condoned under Section 119(2)(b), denial of Section 80P solely for late filing is unsustainable. The deduction was directed to be allowed.
The ITAT held that CPC and CIT(A) acted prematurely in denying section 80P deduction while a section 119 condonation application was awaiting decision. The matter was remanded for fresh adjudication after condonation is decided.
The Tribunal ruled that a co-operative bank continues to be a co-operative society for the purpose of Section 80P(2)(d). Deduction was therefore allowed on interest income wrongly disallowed at the CPC stage.
The tribunal ruled rental income from administrative buildings must be taxed under house property, not other sources, emphasizing consistent treatment across years. Key deductions for standard, sub-letting, and interest were allowed.
The Tribunal held that interest earned from investments with a co-operative bank registered as a co-operative society qualifies for deduction under Section 80P(2)(d), following jurisdictional High Court rulings.
