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 Tribunal allowed Section 80P deduction on bank interest after finding no binding jurisdictional ruling and applying the principle that the favorable view must prevail. The key takeaway is that surplus deposit interest qualifies for deduction in such circumstances.
Tribunal allowed Section 80P deduction for interest on surplus bank deposits, emphasizing that in absence of binding jurisdictional guidance, the assessee-favorable view applies.
Explains when co-operative societies providing credit to members can claim full deductions under section 80P(2)(a)(i) despite having nominal members.
ITAT Pune ruled that a primary credit cooperative society can claim deductions under Section 80P(2)(d) for interest and dividend income from other cooperative banks, overturning Revenue’s appeal.
ITAT held that criminal and departmental actions against former office bearers justified the 204-day delay. Assessment was remanded because additions were made without examining evidence.
Tribunal remanded issue of unexplained cash deposits under Section 68 to Assessing Officer for fresh verification, citing lack of adequate opportunity and consideration of evidence by lower authorities.
ITAT Hyderabad condoned a 290-day delay in filing an appeal, accepting that the order was sent to an old email address and the officer’s illness caused genuine hardship.
Bombay High Court granted interim relief to a co-operative credit society, restraining coercive tax recovery in a Section 80P deduction dispute.
Kerala High Court held that proviso to Section 194A(3) of the Income Tax Act which requiring co-operative society to deduct TDS on interest amount is constitutionally valid. Accordingly, writ petitions are dismissed.
The Kerala High Court stayed tax recovery against a co-operative bank, directing the NFAC to expeditiously decide the Section 80P deduction appeal. The ruling requires the appellate authority to specifically consider the binding Supreme Court precedent set in the Mavilayi Service Co-operative Bank judgment.
