Cooperative Banks Qualified As Cooperative Societies : CESTAT Allows Section 80P Deduction On Interest Received From Co-Operative Banks
1 year, 9 months ago

Cooperative Banks Qualified As Cooperative Societies : CESTAT Allows Section 80P Deduction On Interest Received From Co-Operative Banks

Live Law  

The Ahmedabad Bench of the Income Tax Appellate Tribunal has held that cooperative banks qualified as cooperative societies and the interest received from cooperative banks by the assessee in the present case qualified for deduction under section 80P of the Income Tax Act.The two-member bench of Madhumita Roy and Annapurna Gupta has observed. The Ahmedabad Bench of the Income Tax Appellate Tribunal has held that cooperative banks qualified as cooperative societies and the interest received from cooperative banks by the assessee in the present case qualified for deduction under section 80P of the Income Tax Act. The two-member bench of Madhumita Roy and Annapurna Gupta has observed that the order passed under section 263 of the Income Tax Act was not in accordance with the law. On verification of records, the PCIT noted that the assessee had received substantial interest on fixed deposits from various banks, including ADC Bank and Mehsana Urban Bank, which did not qualify for deduction under section 80P.

Order Income Interest Cooperative Cooperative Societies Banks Deduction Member Itat Assessee Pcit Section 263 80P Section 80P Cooperative Banks  interest  societies  80p  banks  allows  member  cooperative  cestat  income  assessee  order  tax  received  qualified  deduction

History of this topic

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT
4 months ago

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT

Live Law  

The Chennai bench of Income Tax Appellate Tribunal has held that the income tax deduction allowable to interest income 'attributable' to cottage industry business.The bench of S.S. Viswanethra Ravi and S. R. Raghunatha has observed that the assessee is a 'cottage industry' and the interest income earned by the assessee is in its regular course of. The Chennai bench of …

Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT
4 months, 2 weeks ago

Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT

Live Law  

The Ahmedabad ITAT allowed deduction u/s 80P on interest income earned from deposits with Co-operative Banks. Facts of the case: The assessee, a co-operative society filed its return declaring Nil Income, after claiming deduction u/s 80P to the tune of Rs. The Bench also noted that the Coordinate Benches have held that interest income received by Credit Co-operative Society from …

Interest & Dividend Derived By One Cooperative Society From Its Investment Held With Another One Is Eligible For Deduction U/s 80P(2)(D): Pune ITAT
9 months, 1 week ago

Interest & Dividend Derived By One Cooperative Society From Its Investment Held With Another One Is Eligible For Deduction U/s 80P(2)(D): Pune ITAT

Live Law  

On finding that the views adopted by the tax authorities are not in conformity with legal position and binding judicial precedents, the Pune ITAT set-aside the impugned order passed by the AO and reversed the denial of deduction u/s 80P of the Income Tax Act, 1961. The Bench of the ITAT comprising of Partha Sarathi Choudhury and G. D. Padmahshali …

Loans Given By Co-Operative Banks To Their Nominal Members Qualify For Deduction U/s 80P(2)(A)(I), Reiterates Bangalore ITAT
10 months, 2 weeks ago

Loans Given By Co-Operative Banks To Their Nominal Members Qualify For Deduction U/s 80P(2)(A)(I), Reiterates Bangalore ITAT

Live Law  

While considering the definition of 'member' under the Kerala Act, as per which loans given to nominal members would qualify for purpose of deduction u/s 80P of the Income Tax Act, 1961, the Bangalore ITAT directed the AO to grant relief to the assessee by allowing the claim of deduction under said provision. Relying on the decision of Supreme Court …

Interest Income Derived By Co-Operative Society From Its Investment With Any Other Co-Operative Society Is Allowable U/s 80P(2)(D): Mumbai ITAT
10 months, 2 weeks ago

Interest Income Derived By Co-Operative Society From Its Investment With Any Other Co-Operative Society Is Allowable U/s 80P(2)(D): Mumbai ITAT

Live Law  

While directing the AO to allow deduction u/s 80P or 80P of the Income-tax Act, 1961 of interest income earned by the assessee from the co-operative bank, the Mumbai ITAT clarified that co-operatives bank is also a co-operative society. The Bench comprising Rahul Chaudhary and Prashant Maharishi observed that, “in respect of any income by way of interest or dividend …

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023
1 year ago

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023

Live Law  

Delhi High Court Case Title: Resorts Consortium India Limited Versus ITAT Citation: 2023 LiveLaw 1178 The Delhi High Court has condoned a 79-day delay in filing an appeal as a review petition was filed before the Income Tax Appellate Tribunal. Allahabad High Court Income Tax Authority Cannot Dissect An Otherwise Indivisible Contract In Absence Of Legal Provision: Allahabad High Court …

Section 80P(2)(d) Deduction Available On Interest Earned From Investments Made In A Co-Operative Bank: Madras High Court Quashes Reassessment
1 year, 1 month ago

Section 80P(2)(d) Deduction Available On Interest Earned From Investments Made In A Co-Operative Bank: Madras High Court Quashes Reassessment

Live Law  

The Madras High Court, while quashing the reassessment proceedings, held that Section 80P of the Income Tax Act is not available on interest earned from investments made in a cooperative bank.The bench of Justice Krishnan Ramasamy relied on a division bench decision in the case of Salem Agricultural Producers Co-operative Marketing Society, in which it was held that the co-operative. …

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023
1 year, 1 month ago

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023

Live Law  

Delhi High Court Case Title: BT Private Limited Versus UOI Citation: 2023 LiveLaw 1082 The Delhi High Court has held that a CENVAT credit refund cannot be denied in the absence of the self-assessed return having been questioned, reviewed or re-assessed. Case Title: Shreyash Retail Private Ltd Versus Deputy Commissioner Of Income Tax TDS Circle Citation: 2023 LiveLaw 1102 The …

Madras High Court Directs FinMin, CBDT To Decide On Exempting Agricultural Cooperative Credit Societies From TDS Deduction
1 year, 4 months ago

Madras High Court Directs FinMin, CBDT To Decide On Exempting Agricultural Cooperative Credit Societies From TDS Deduction

Live Law  

The Madras High Court has directed the Finance Ministry and Central Board of Direct Taxes to take action on exempting primary agricultural cooperative credit societies from TDS deduction on cash withdrawals received from the Central Cooperative Bank for distribution to the beneficiaries.The bench of Justice R. Suresh Kumar has disposed of the writ petitions with a direction that a. The …

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023
1 year, 7 months ago

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023

Live Law  

Supreme Court Case Title: Heinz India Limited v The State of Kerala Citation: 2023 LiveLaw 411 The Supreme Court Bench has held that prickly heat powders fall under the category of ‘medicated talcum powder’ and not ‘medicine’ for the purpose of sales tax under Kerala General Sales Tax Act, 1963. Chhattisgarh High Court Case Title: M/s Nava Raipur Atal Nangar …

Orissa High Court Allows Deduction To The Co-operative Society Involved In The Business Of Banking
1 year, 10 months ago

Orissa High Court Allows Deduction To The Co-operative Society Involved In The Business Of Banking

Live Law  

The Orissa High Court has granted the deduction to the Co-operative Society engaged in the banking business.The division bench of Chief Justice Dr. S. Muralidhar and Justice M. S. Raman has observed that the tribunal was justified in making further classification while interpreting Section 80P of the Income Tax Act by treating it to be different from the primary agriculture …

Interest Income Earned By A Co-Operative Society Eligible For Deduction: ITAT
1 year, 11 months ago

Interest Income Earned By A Co-Operative Society Eligible For Deduction: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal held that interest income earned by a co-operative society on its investments held with co-operative banks would be eligible for claim of deduction under section 80P of the Income Tax Act.The two-member bench of Kuldip Singh and S Rifaur Rahman found that the CIT erred in upholding. The Mumbai Bench of …

Tax Cases Monthly Round-Up: November, 2022
2 years ago

Tax Cases Monthly Round-Up: November, 2022

Live Law  

Indirect Taxes Supreme Court Case Title: OCL India Limited vs State of Orissa Citation: 2022 LiveLaw 911 The Supreme Court upheld States' power to impose entry tax from Industrial Township/Areas. Bombay High Court Case Title: Asit C. Mehta Financial Services Limited versus The Customs Excise and Service Tax Appellate Tribunal The Bombay High Court has ruled that the time limit …

Tax Cases Weekly Round-Up: 9 October To 15 October, 2022
2 years, 2 months ago

Tax Cases Weekly Round-Up: 9 October To 15 October, 2022

Live Law  

Supreme court Case Title: Tata Motors Limited Versus Central Sales Tax Appellate Authority & Others Citation: 2022 LiveLaw 847 The Supreme Court has directed the state of Andhra Pradesh to transfer to Jharkhand the amount of central sales tax deposited by Tata Motors with respect to the sale of buses to the Andhra Pradesh State Road Transport Corporation. Versus Commissioner …

TDS Provisions Not Applicable To Commission Paid To Bank: ITAT
2 years, 2 months ago

TDS Provisions Not Applicable To Commission Paid To Bank: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that TDS provisions are not applicable to commissions paid to banks.The two-member bench of Saktijit Dey and Dr B.R.R. The Delhi Bench of the Income Tax Appellate Tribunal has held that TDS provisions are not applicable to commissions paid to banks. Kumar has observed that commission paid to partners …

Deposit Received From Nominal Members Of Society, Non-Deduction Of TDS On Interest Paid By Them. ITAT Deletes Addition Of Income.
2 years, 4 months ago

Deposit Received From Nominal Members Of Society, Non-Deduction Of TDS On Interest Paid By Them. ITAT Deletes Addition Of Income.

Live Law  

The Income Tax Appellate Tribunal of the Pune Bench struck down the addition made under section 40 of the Income Tax Act for the non-deduction of TDS on interest paid on deposits received from nominal members of the society. The term "member of a co-operative society" includes "nominal members" as per the provisions of the Maharashtra Cooperative Societies Act. It …

Banks Exempted From Deducting Tax At Source While Paying Interest To Statutory Corporations : Supreme Court Reiterates
2 years, 9 months ago

Banks Exempted From Deducting Tax At Source While Paying Interest To Statutory Corporations : Supreme Court Reiterates

Live Law  

The Supreme Court has reiterated that Banks are exempted from the mandate of Section 194A of the Income Tax Act, 1961, to deduct tax at the source, on payment of interest to corporations established by a statute. In the facts of the present case, the Apex Court held that in terms of the notification dated 22.10.2022 issued by the Central …

Bar Council Of Delhi Entitled For Exemption U/s 80G Income Tax Act, Holds ITAT [Read Order]
4 years, 5 months ago

Bar Council Of Delhi Entitled For Exemption U/s 80G Income Tax Act, Holds ITAT [Read Order]

Live Law  

Bar Council of Delhi is entitled for registration u/s 12AA of the Income Tax Act and consequent exemption u/s 80G, the Income Tax Appellate Tribunal has held. The Delhi Bench of ITAT set aside an order passed by Commissioner of Income - tax who had rejected the application filed by Bar Council of Delhi seeking registration u/s 12AA of the …

Discover Related