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 Kolkata held that dividend distribution tax u/s 115-O of the Act and interest u/s 115P of the Income Tax Act is applicable only to a domestic company and since appellant is a co-operative society and provisions of section 115-O and 115-P will not be applicable.
ITAT Bangalore held that the interest income received by way of mandatory / statutory deposits would also eligible for deduction u/s. 80P(2)(a)(i) of the Income Tax Act by treating the said income as business income. Accordingly, appeal of the assessee allowed.
The ITAT Ahmedabad ruled that interest earned by a cooperative society from Urban Cooperative Banks qualifies for deduction under Section 80P(2)(d) of the Income-tax Act.
The ITAT Chennai has remanded a case concerning Section 80P(2) deduction for co-operative bank interest. The Tribunal reversed contradictory findings and directed verification of banking licenses for eligibility.
ITAT Chennai has remanded a case concerning a co-operative society’s denied Section 80P deduction, citing a pending condonation petition for delayed ITR filing and a jurisdictional High Court precedent.
ITAT Lucknow held that commission earned by Cane Development Councils or Cooperative Cane Development Unions from sugar mills on supply of sugar cane is business income and hence eligible for deduction under section 80P of the Income Tax Act.
Chandigarh ITAT allows 80P deduction for Habrol Co-op Society, ruling against disallowance due to a clerical error in tax return. Section 80A(5) not applicable.
ITAT Indore held that there is no authority to deny exemption u/s. 10(23C)(vi) for non-filing return since 20th Proviso to section 10(23C) denying exemption for non-filing return u/s. 139(4C) came to statue from AY 2023-2024 only.
In Malabar Industrial Co. Ltd. Vs. Commissioner of Income Tax, Kerala State reported in (2000) 243 ITR 83 Hon’ble apex court have held that The phrase “prejudicial to the interests of the Revenue” has to be read in conjunction with an erroneous order passed.
ITAT Jaipur quashes reassessment against Balithal Gram Seva Sahakari Samiti Ltd, citing jurisdictional flaws and lack of ‘live link’ between reopening grounds and final addition.
