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 Ahmedabad ruled that a Co-op Society cannot claim Section 80P(2)(d) deduction on interest from Regional Rural Bank deposits, as an RRB isn’t a co-operative society after 2010.
ITAT Kolkata allows Begpur Samabay Krishi Unnayan Samity Ltd. 80P(2)(d) deduction on Rs.28 lakh interest. Tribunal distinguished the Totgars SC ruling, holding that interest from deposits with a cooperative bank is eligible for deduction.
ITAT Kolkata remands 80P deduction appeal of Jotesriram Samabay Society back to CIT(A). The Tribunal orders fresh consideration of Rs.89 lakh interest income, stressing need for bifurcation and compliance with the Totgars SC ruling.
ITAT Kolkata remands the Rs.77 lakh Section 69A cash addition against Kulut Samabay Krishi Unnayan Samity Ltd. back to the CIT(A). New evidence on cash source and Section 80P claim to be examined; Rule 46A procedure is mandatory.
The Cochin ITAT has set aside a Rs.35.05 crore income addition to Keezhuparamba Service Co-operative Bank. The court remanded the matter for fresh verification, noting that the Assessing Officer mistakenly clubbed members’ deposits with share capital.
The ITAT Pune has ruled that co-operative societies can claim tax deductions under Section 80P for interest income from deposits with co-operative banks. The decision confirms a consistent judicial view, restoring the full deduction for the assessee.
The tribunal referenced a Kerala High Court precedent, holding that a belated return is still valid for claiming statutory deductions as long as assessment proceedings are pending.
The ITAT has granted a final opportunity to a cooperative society in a tax dispute, despite its repeated defaults, to ensure a fair hearing on the merits of the case.
ITAT Chennai ruled that a reassessment initiated by a Jurisdictional Assessing Officer after March 29, 2022, was invalid, making the subsequent revision order by the PCIT equally void.
The ITAT Bangalore rules that while a co-operative society’s late IT return warrants disallowing its Section 80P deduction, the tax authorities must still assess and tax the net profit, not the gross income, after allowing for all related expenses.
