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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 ...
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ITAT Ahmedabad allows co-operative societies deduction under 80P for interest earned from co-operative bank deposits.
ITAT Pune allows 80P(2)(d) deduction for cooperative society’s interest income from cooperative bank investments.
Assessee had appealed against the order dated 12.06.2024 and 18.06.2024 passed by Commissioner of Income Tax (Appeals) [CIT(A)] for the AY 2016-17, 2017-18 and 2018-19,challenging the denial of deduction under section 80P(2)(d) on certain interest incomes.
The petitioner contends that the 1st respondent lacked jurisdiction to issue notice, as the 1st respondent is not the Assessing Officer. The petitioner objected on 28.03.2016, but the 2nd respondent directed compliance by 25.07.2016, threatening the imposition of penalty.
ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing lower orders.
ITAT Surat held that interest paid in respect of business profit attributable to section 80P(2) of the Income Tax Act is allowable. Accordingly, AO directed to consider direct nexus of interest paid with interest income attributable under section 80P(2).
ITAT Cochin remands appeal to CIT(A) for proper disposal on merits in the case of SIB Staff Credit Society Ltd for AY 2020-21.
ITAT Rajkot dismisses Liliya Lathi Sahkari Sangh’s appeal as infructuous after CCIT condones late filing delay, directing AO to pass a consequential order.
Assessee then filed returns in response to the notice under Section 148, claiming a deduction under Section 80P. AO disallowed the deduction, stating that the returns were not filed within the due date under Section 139(1).
ITAT Pune rules in favor of Saikrupa Nagari Sahakari Patsanstha, allowing deduction under Section 80P(2)(d) for interest income earned from cooperative banks.
