Deduction u/s 80-P – The assessee is not a co-operative Bank - ...

Assessee granted deduction u/s 80P(2)(a)(i) for maintaining liquid funds despite not being a co-operative bank.

January 10, 2014

Case Laws Income Tax AT

Deduction u/s 80-P – The assessee is not a co-operative Bank - To meet any eventuality, the assessee was required to maintain some liquid funds - benefit of deduction u/s.80P(2)(a)(i) granted - AT

View Source

← Previous Next →

Deduction u/s 80-P – The assessee is not a co-operative Bank - ...

Assessee granted deduction u/s 80P(2)(a)(i) for maintaining liquid funds despite not being a co-operative bank.

January 10, 2014

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal held that income earned from investments in cooperative banks, which are not cooperative societies, is not eligible for deduction u/s 80P(2)(d) of...

Deduction u/s 80P(2)(a) is allowed for a cooperative society earning interest and dividend income from deposits with a Delhi State Cooperative Bank registered under the...

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)...

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...

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...

Deduction u/s 80P(2)(d) - interest income - assessee society who has earned an amount from its investment of surplus fund deposited with co-operative banks is entitled...

Deduction u/s 80P(2) on interest income - To invest the deposits accepted from the members or the surplus funds available with it, is part of the banking/credit business...

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...

Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

Deduction u/s 80P(2)(a)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot...

The Appellate Tribunal addressed the following issues: 1. Deduction u/s. 80P(1) r.w.s. 80P(2)(a)(i) - Held that the assessee is not a cooperative bank, making it...

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...

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

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...

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...

Quick Updates: