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Income Tax - Highlights / Catch Notes

Home Highlights February 2015 Year 2015 This

Disallowance of deduction u/s 80P(2)(a)(i) - carrying on ...

Income Tax

February 27, 2015

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 deduction to such co-operative societies in respect of business relating to its members - AT

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  1. Interest on Non SLR investments/CTR - cooperative banks who are carrying on banking business are entitled for deduction under Section 80P(2)(a)(i) of the Act - HC

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  3. 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...

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  6. Disallowance of deduction claimed u/s. 80P - the funds available are for the business purpose of providing credit facilities - It is only because in a given point of...

  7. Deduction u/s 80P(2)(a)(i) - the assessee had made investments with sub-treasuries and banks in the course of its business of banking / providing credit facilities to...

  8. 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...

  9. Deduction u/s.80P(2)(a)(i) - Assessee is entitled for deduction of interest income derived from investment of surplus funds with banks also.- AT

  10. 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

 

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