Revision u/s 263 - Deduction u/s 80P on interest received from ...

Income Tax

April 12, 2024

Revision u/s 263 - Deduction u/s 80P on interest received from Cooperative Bank - After considering the submissions and the relevant statutory provisions and precedents, the Appellate Tribunal upheld the Revision order passed by the PCIT under section 263. The Tribunal concluded that interest earned from investments made in any bank, including cooperative banks, is not deductible under section 80P(2)(d) of the Income Tax Act, in accordance with the decision of the Hon. Gujarat High Court in Katlary Kariyana case.

View Source

← Previous Next →

Revision u/s 263 - Deduction u/s 80P on interest received from ...

Income Tax

April 12, 2024

You may also like:

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...

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...

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...

Disallowance of deduction(s) u/s 80P - interest income from the investments made in co-operative/other bank(s) - The tribunal analyzed Sec. 80P(2)(d) and determined that...

Revision u/s 263 by CIT - We find that the assessment order qua the deduction under section 80(9)(2)(d) of the Act on account of interest earned from Surat Co-operative...

Deduction claimed u/sec. 80P(2)(a)(i) - interest income from the investments made in co-operative/scheduled bank(s) - The Tribunal observed that despite the insertion of...

Deduction u/s 80P - interest income received from parking its surplus funds with Co-operative Bank - interest would be eligible for claim of deduction under section...

Deduction u/s 80P - interest has been received from Cooperative Bank - Tribunal while allowing the claim of the assessee, held that, though the interest has been...

Deduction u/s 80P(2)(d) on interest received on investments - when the interest income is received from a cooperative bank, the recipient co-operative society would not...

Cooperative Banks, Renting income is eligible for deduction u/s 80P

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...

Deduction u/s 80P - interest received on deposits with Sub Treasury - investment in treasury/banks and earning interest on the same is part of the banking activity of...

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...

Deduction u/s 80P(2) - interest on deposits with a Regional Rural Bank(RRB) - Section 22 of Regional Rural Banks Act, 1976 in uncertain terms categorically deems RRBs as...

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...

Quick Updates: