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 case concerned denial of deduction citing dealings with associate members. The Tribunal followed Supreme Court precedent and directed the AO to verify member status and society bye-laws before deciding eligibility.
Addition of ₹2.28 crore made as long-term capital gains in the hands of the assessee society was deleted in full as amount paid by a developer directly to individual members of a co-operative housing society pursuant to redevelopment cannot be taxed as capital gains in the hands of the society, particularly when the society itself never received the amount.
The Tribunal ruled that rental receipts could not be shifted to income from other sources without any change in facts. Long-standing acceptance of house property treatment required the Department to follow consistency.
Emphasising the principle against double taxation, the Tribunal held that amounts taxed in members’ hands cannot again be assessed in the society’s hands, subject to factual verification.
The issue was whether CPC could disallow Section 80P deduction while processing the return under Section 143(1). The Tribunal held that CPC lacked such power for AY 2019-20 as the enabling amendment came later.
The Tribunal held that interest earned by a credit co-operative society from deposits with co-operative banks is deductible under section 80P(2)(d). The ruling follows settled law that such societies are distinct from co-operative banks.
The dispute arose from CPC denial of deduction due to late return filing. The Tribunal restored the matter, holding that the Assessing Officer must act based on the CCIT’s condonation decision.
Appeals were dismissed earlier as time-barred despite sustained efforts by the assessee through grievances. The Tribunal ruled that absence of negligence and bona fide conduct warranted condonation of long delay.
The Revenue disallowed 80P deduction by treating FDR interest as income from surplus funds. ITAT ruled Totgars applies only to surplus funds, not to statutory reserves mandated by co-operative law.
The case examined whether reassessment proceedings could survive when issued outside the faceless mechanism. The ruling confirms that non-compliance with the faceless scheme is a fatal jurisdictional defect.
