Disallowance of Deduction u/s 80P(a)(i) - The assessee was ...

Finance Act 2006 Amendment: Section 80P(a)(i) Deduction Disallowance Not Applicable to Non-Banking Assessee.

November 26, 2013

Case Laws Income Tax AT

Disallowance of Deduction u/s 80P(a)(i) - The assessee was admittedly not engaged in the banking activities and hence was not hit by the amendment by Finance Act, 2006 - AT

View Source

← Previous Next →

Disallowance of Deduction u/s 80P(a)(i) - The assessee was ...

Finance Act 2006 Amendment: Section 80P(a)(i) Deduction Disallowance Not Applicable to Non-Banking Assessee.

November 26, 2013

Case Laws Income Tax AT

You may also like:

Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society...

Disallowance u/s 40(a)(ia) for non-deduction of tax at source (TDS) - assessee in default - Assessee has paid interest u/s 201(1A) for non-deduction/short deduction of...

Deduction u/s 80P(2)(d) was denied through intimation u/s 143(1) on interest income earned by the assessee from cooperative banks. The Tribunal held that neither the...

Disallowance of deduction claimed u/s 80P - As it is clear from the byelaws and particularly primary objects and principle business of the assessee that the assessee is...

Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

Deduction u/s 80P - The banking activities under the Banking Regulation Act are altogether different activities. There is a vast difference between the credit societies...

Disallowance of expenses on non-deduction of tax - Without going into the merit of the addition, we find the alternate argument of the ld. Counsel for the assessee...

The assessee claimed deduction u/s 80P(2)(d) of the Income Tax Act for interest income earned on deposits with a Cooperative Bank. The Assessing Officer and CIT(A)...

Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

The ITAT addressed various issues: disallowance u/s 40(a)(ia) for year-end provisions, deduction u/s 10AA for interest income, TDS u/s 195 for subscription fees, foreign...

The summary focuses on various issues related to the taxation of banks, covering disallowances u/s 14A, interest deductibility on IPDI bonds, taxation of bad debt...

Transfer of funds by assessee from its Indian bank account to its own foreign bank account does not attract TDS obligations u/s 195, as the provisions mandate TDS...

Deduction u/s 80P - Disallowance of deduction under section 80P of the Act in respect of “rental income” - where the assessee-bank derived the income in question from...

Disallowance of interest paid on unsecured loans - Non-deduction of TDS - Once Form No. 15G & 15H are duly submitted by the assessee before the department, then assessee...

Non-Banking Financial Company (NBFC) categorization - Amendment made in sec 43B and 43D to substitute the words, “a deposit taking non-banking financial company or...

Quick Updates: