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 Panaji sets aside CIT(A)'s ex-parte order, remands case of Grameena Seva Sahakari to allow fresh hearing on Section 80P deduc...
Income Tax : ITAT Cochin confirms 80P deduction for Kerala University Employees Co-op Society on interest income from co-op banks, SBI, and tre...
Income Tax : Kerala High Court quashes IT assessment for Poonjar Service Co-operative Bank and directs reassessment following Supreme Court’s...
Income Tax : Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business ...
Income Tax : ITAT allows co-operative society's appeal for 80P(2)(a)(i) exemption, stating registration under Co-operative Societies Act prevai...
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 Mumbai rules that cooperative societies can claim deductions under Section 80P(2)(d) for interest earned from cooperative banks, overturning prior disallowance.
ITAT Nagpur overturns CIT(A) order, allowing deduction under Section 80P for a cooperative society. The tribunal rules AO’s disallowance was unjustified.
ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of the Act. Accordingly, order of CIT(A) set aside and deduction u/s. 80P(2)(d) allowed.
ITAT Ahmedabad partly allows Balwa Group Cooperative’s appeal, setting aside interest income deduction disallowance for reassessment. The tribunal directed the Assessing Officer to re-evaluate proportionate expenditure claims related to interest income from nationalized banks.
ITAT Bangalore rules co-op societies can’t claim Sec. 80P(2)(d) deduction for interest from co-op bank deposits, citing Totgars Society case precedents.
In the matter abovementioned ITAT allowed appeal of the assessee by holding that assessee is eligible for claim of deduction u/s.80P(2)(a)(i) that all its income is from members.
ITO Vs Shivsahyadri Sahakari Pathpedhi (ITAT Mumbai) – Credit co-operative society investments in co-operative bank claimed as allowable u/s. 80P(2) because co-operative banks are also registered under co-operative society
In the matter abovementioned ITAT Pune after relying upon the decision of jurisdictional HC held that assessee was eligible for deduction u/sec.80P(2)(a) (i) on the Interest earned by assessee.
The assessee filed return for AY 2017-18 declaring Nil income after claiming deduction under Chapter VIA at Rs.13,48,854/- while claiming business loss at Rs.3,56,511/-. Case was selected for scrutiny.
ITAT Ahmedabad held that interest received by co-operative society from SBI, which is a Nationalized Bank, is not allowable as per the section 80(P) of the Income Tax Act. Accordingly, AO directed to carry out proper adjudication and verification.
