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...
Bombay High Court held that since issue already examined during the course of assessment proceedings, re-opening of assessment on same issue amounts to change of opinion. Thus, re-opening based on change of opinion is not sustainable.
A cooperative society’s appeal for Section 80P deduction on interest from cooperative banks is allowed, citing judicial precedents from the ITAT.
ITAT Cochin dismisses Vellanikkara Service Co-op. Bank’s appeal regarding disallowance of gratuity provision, citing grounds not raised before CIT(A).
Pune ITAT orders CIT(A) to condone 55-day delay, hear appeal on merits for Rs 37.46 lakh deduction claimed by Endurance Systems.
ITAT Panaji remands appeal of Mercantile Co-op Credit Society on Rs 1.1 Cr 80P denial & Sec 68 addition for fresh hearing after ex-parte order.
ITAT Panaji sets aside CIT(A)’s ex-parte order, remands case of Grameena Seva Sahakari to allow fresh hearing on Section 80P deduction denial.
ITAT Cochin confirms 80P deduction for Kerala University Employees Co-op Society on interest income from co-op banks, SBI, and treasury investments.
Kerala High Court quashes IT assessment for Poonjar Service Co-operative Bank and directs reassessment following Supreme Court’s Mavilayi ruling.
Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business of wholesale supply of consumer goods, filed its return declaring income of ₹5,50,400. The return was processed under section 143(1) of the Income Tax Act. The Assessing Officer later disallowed a deduction of ₹34,58,980 claimed under […]
ITAT allows co-operative society’s appeal for 80P(2)(a)(i) exemption, stating registration under Co-operative Societies Act prevails without RBI license.
