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...
ITAT Visakhapatnam held that the interest on nonrecoverable loans has not been recorded by the assessee and accordingly no deduction under section 80P of the Income Tax Act was claimed. Thus, addition made thereon is liable to be deleted.
The Pune ITAT quashed a Section 263 revision, holding that interest earned by a credit society from deposits in co-operative banks qualifies for the Section 80P deduction as part of business income. The ruling affirms that the AO’s acceptance of the claim, being a plausible view based on precedents, cannot be set aside merely because the PCIT holds a different opinion.
Primary Agricultural Credit Co-operative Society Vs ITO (ITAT Bangalore) Rectification Can’t Rewrite Scrutiny Order — ITAT Quashes 80P Disallowance for Co-op Society; ITAT Bangalore sets aside rectification disallowing 80P deduction – delay condoned for co-operative society Assessee, a Primary Agricultural Credit Co-operative Society, filed return for AY 2020-21 declaring NIL income after claiming deduction u/s 80P(2)(a)(i) […]
The ruling reinforces that Section 80P(4) bars co-operative societies from claiming deductions on income from co-operative banks, even if registered under the Co-operative Societies Act.
ITAT Jabalpur dismissed the Revenue’s appeal regarding the eligibility of Section 80P deduction for a co-operative society’s Business Correspondent income, citing the CBDT’s revised monetary limit for appeals.
The Kerala High Court has temporarily halted income tax recovery proceedings against Palode Service Co-Operative Bank Ltd a Primary Agricultural Credit Society. The Kerala High Court stayed income tax recovery proceedings against a Primary Agricultural Credit Society, citing a pending appeal where the core tax issue is allegedly covered by the Supreme Court’s Mavilayi Service Co-Operative Bank judgment.
ITAT Ranchi quashes PCIT’s Section 263 order against a Co-operative Society (Chotanagpur Catholic Mission). Rules 80P deduction cannot be denied after AO’s thorough verification.
ITAT Nagpur held that deduction under section 80P(2)(a)(i) of the Income Tax Act admissible in case of interest earned from fixed deposit with bank. Accordingly, deduction claimed by the assessee is allowed by deleting the addition.
Proportionate expenditure against interest income might be allowed to assessee subject to assessee establishing connection between incurring of such expenditure towards earning of interest income from nationalized banks, which was a specific requirement for claim of such expenditure u/s section 57.
Bangalore ITAT grants S80P(2)(a)(i) deduction on interest from co-op society’s statutory investments, citing SC rulings that S80P must be interpreted liberally.
