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...
The Tribunal ruled that filing a return in response to Section 148 does not cure the failure to file the original return within the due date prescribed under Section 139(1). Consequently, the claim for deduction under Section 80P was rightly rejected.
ITAT Visakhapatnam held that filing a return of income before completion of assessment is mandatory for claiming deduction under Section 80P. The Tribunal upheld denial of the deduction where the return was filed only after the assessment.
The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The decision confirms that compliance with this statutory requirement is indispensable in reassessment proceedings.
The Tribunal held that interest earned from surplus funds deposited with banks qualifies for deduction under Section 80P(2)(a)(i). Prudent deployment of business funds does not alter the nature of the income.
The issue was whether SBN deposits accepted by a co-operative society during demonetisation could be added under Section 68 solely because the notes ceased to be legal tender.
The Chennai ITAT restored the matter to the CIT(A), holding that the appellate authority failed to examine a prior Tribunal decision in the assessee’s own case involving similar issues.
The Tribunal found that the authorities below failed to properly apply the principles governing section 80P deductions relating to nominal members, statutory deposits, and co-operative society investments. The matter was remanded for reconsideration in accordance with settled law.
ITAT held that interest earned on deposits kept as security for obtaining business loans was attributable to the cooperative society’s business activity. The income was therefore eligible for deduction under Section 80P(2)(a)(i).
Pune ITAT ruled that interest earned by a cooperative society from investments with cooperative banks is deductible under Section 80P(2)(d). The decision reinforces the broad scope of the provision.
The Tribunal ruled that condonation of delay by the competent authority removes the statutory obstacle created by Section 80AC for late-filed returns. As a result, the assessee’s claim for deduction under Section 80P must be reconsidered in accordance with law.
