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...
The Tribunal relied on Supreme Court rulings to hold that co-operative banks qualify as co-operative societies for deduction purposes. It allowed deduction on interest income under Section 80P(2)(d).
The Tribunal held that interest earned by a co-operative society from deposits with co-operative banks qualifies for deduction under Section 80P(2)(d). It clarified that co-operative banks are also co-operative societies for this purpose.
The High Court held that interest under Section 234B must be waived where conflicting judicial decisions created uncertainty regarding tax exemption. The rejection of the waiver application was set aside.
The ITAT Indore held that penalty under Section 272A(1)(d) cannot survive where the assessment is completed under Section 143(3) after considering the taxpayer’s delayed submissions, as such compliance effectively condones earlier defaults.
The Tribunal refused to condone an 840-day delay in filing an appeal where the assessee claimed the Chartered Accountant failed to inform about the assessment order. It held that a taxpayer must remain vigilant about proceedings and cannot shift full responsibility to the counsel.
The Tribunal observed that similar deductions were allowed in earlier scrutiny assessments. Finding no error in the Assessing Officer’s view, it annulled the revision proceedings.
The Tribunal clarified that CPC could not make prima facie adjustments denying Section 80P deduction before the Finance Act, 2021 amendment. The disallowance made in 2019 was held invalid and deleted.
The ITAT held that interest earned by a co-operative credit society on bank deposits qualifies as business income. Such income is eligible for deduction under Section 80P(2)(a)(i).
The Revenue denied deduction by treating bank interest as Income from Other Sources. The ITAT dismissed the appeal, holding that the interest income forms part of business profits eligible for Section 80P.
The Tribunal held that interest income arising from working capital used in regular activities retains its character as business income. Section 80P relief cannot be denied merely because income arises as bank interest.
