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...
Gujarat High Court held that delay in filing of Income Tax Return due to technical glitches is duly condonable. Accordingly, order quashed and remanded back with direction to file return claiming deduction u/s. 80P of the Income Tax Act.
ITAT Mumbai held that, in terms of section 194A(3)(v) of the Income Tax Act, co-operative society is not liable to deduction TDS on interest paid or credited on deposits to members before 1st June 2015. Accordingly, order set aside and appeal allowed to that extent.
Tribunal reversed disallowance of Section 80P deduction, affirming that interest income earned by a co-operative society from deposits with a co-operative bank is eligible for tax benefit.
The Tribunal held that the adjustment made by the CPC disallowing the co-operative society’s Section 80P claim was bad in law for pre-A.Y. 2021-22 years. The ruling confirms that for earlier years, the AO could not summarily deny this deduction through an intimation order.
ITAT Bangalore ruled that a co-operative society can claim deduction under Section 57 for costs incurred in earning interest income from banks. Matter was sent back to AO for verification of claim.
ITAT ruled that Thane Zilla Vidyasevak Sahakari Patpedhi Ltd. is eligible for deduction u/s 80P(2)(d) on Rs. 94.12 lakh interest income earned from deposits in a co-operative bank. Tribunal affirmed that a co-operative bank is classified as a co-operative society for this deduction.
The ITAT Bangalore directed the AO to allow the full deduction under Section 80P(2)(a)(i) for a primary cooperative credit society, holding that the Supreme Court’s ruling in Mavilayi confirms that these societies are not excluded by Section 80P(4). The Tribunal confirmed the society’s income was derived solely from transactions with its members.
ITAT Delhi held that commission earned by a cooperative society from marketing sugarcane grown by its members qualifies as business income under Section 80P(2)(a)(iii), not as income from other sources.
ITAT Mumbai condoned a 388-day delay and remanded the case of Dahisar Gramin Bigar Sheti Sahakari Pat to the Assessing Officer to verify ₹29.46 lakh in cash deposits claimed to be received from members during demonetisation, directing a fresh assessment after fair hearing.
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.
