Home Highlights October 2014 Year 2014 This

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1. Deduction claimed u/s. 80P(2)(a)(i) - Status showing as AOP and not mentioned as cooperative society - The Tribunal referred to the definition of "person" under section...

2. Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

3. Deduction u/s 80P(2)(a)(i) and 80P(2)(d) - appellant is a Co-Operative Bank or not - Creation of Co-operative Society under the co-operative societies Act is doubtful....

4. Deduction of claim u/s. 80P(2)(a)(i) - claim denied on interest - The Assessee being a Primary Agriculture Credit Society is a Co-operative Society. The primary object...

5. Claim of deduction u/s 80P(2)(d) - interest income received from Co-operative Bank - In the present case even though the assessee’s claim of deduction under section...

6. Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

7. Claim of deduction u/s 80P(2) - Since there is a certificate issued by the Registrar of Cooperative Societies, stating that the assessee is a primary agricultural credit...

8. Denial of deduction claimed u/s 80P (2)(d) - AO disallowed the benefit by invoking the provision of section 154 for rectification of mistake change of opinion - interest...

9. Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - The Appellate Tribunal found that even if the interest income is not considered as...

10. Disallowance of deduction u/s 80P(2)(a)(i) - carrying on business of banking facilities to its members and to the public - There is no prohibition u/s 80P not to allow...

11. Disallowance of deduction u/s 80P(2)(a)(i) of the Act – There is no prohibition u/s 80P not to allow deduction to such co-operative societies in respect of business...

12. Investment of surplus fund by a coop society, no deduction u/s 80P – Supreme Court

13. Deduction claimed u/sec. 80P(2)(d) - In the instant case, the Assessee has earned interest income from Krishna District Co-operative Central Bank (KDCCB) and it is not...

14. Revision u/s 263 - Deduction u/s 80P(2)(a)(i) - interest income was received by the assessee on deposits - section 80P(2)(d) of the Act specifically exempts interest...

15. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...