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...
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.
ITAT Pune permits deduction of Rs. 35 lakhs under Section 80P(2)(d) for interest income from cooperative banks in Jankalyan case.
