Benefit of deduction under section 80P(2)(a)(vi) denied - ...

Court Denies Section 80P(2)(a)(vi) Deduction: Society's Income From Toddy Sales Not Linked to Members' Labor Disposal.

September 11, 2015

Case Laws Income Tax HC

Benefit of deduction under section 80P(2)(a)(vi) denied - income of the society has nothing to do with the collective disposal of the labour of its members, but is entirely from out of the price realised by it for the sale of toddy through the society's own toddy shops - No deduction - HC

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Benefit of deduction under section 80P(2)(a)(vi) denied - ...

Court Denies Section 80P(2)(a)(vi) Deduction: Society's Income From Toddy Sales Not Linked to Members' Labor Disposal.

September 11, 2015

Case Laws Income Tax HC

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This is a summary of a tax case dealing with the deduction u/s 80P(2)(vi) of the Income Tax Act for income earned by cooperative societies from the collective disposal...

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)(a)(vi) - toddy tapping - assessees cannot be considered as Co-operative societies engaged in the collective disposal of labour of its members as...

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...

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...

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...

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Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to...

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...

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...

Deduction u/s 80P(2)(a)(i) - assessee is a co-operative credit society having “A” class Members as well as “B” class Members as its society’s Members - mutuality -...

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...

Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

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...

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