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 Ahmedabad held that co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act towards interest income earned from investment in other co-operative bank. Accordingly, deduction allowed and appeal by revenue dismissed.
Kerala High Court held that penalty under section 271B of the Income Tax Act, for non-compliance with provisions of section 44AB, not imposable since reasonable cause for belated filing of audit report established.
ITAT Nagpur held that interest income earned by co-operative society from its investments made with other co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. Accordingly, appeal of the assessee allowed.
ITAT Ahmedabad held that interest income earned from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, the appeal is allowed.
ITAT Kolkata held that CIT(A) rightly allowed interest earned from a co-operative bank as eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, appeal filed by revenue dismissed.
The assessee is a souharda cooperative society duly registered under the Karnataka Souharda Sahakari Act, 1997 and is engaged mainly in the business of accepting deposits from members and lending credit facilities to its member.
ITAT Bangalore held that interest income received from co-operative society or co-operative banks is eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, matter restored to AO to examine the source of interest income.
Re-assessment was completed u/s 143(3) r.w.s 147 of the Act on 29.06.2019 and the deduction of Rs.24,48,040/- claimed u/s 80P in respect of interest income from The Sabarkantha District Cooperative Bank Ltd. was disallowed by the AO.
The petitioner has approached this Court, being aggrieved by the fact that the amounts due under the orders of assessment are being sought to be recovered by attaching the bank accounts maintained by the petitioner with the 5th respondent bank.
ITAT Delhi condones 236-day delay in Sekhari Ganna Vikas Samiti’s appeal, emphasizing a liberal approach to delay explanations in tax appeal cases.
