Denial of deduction u/s.80P - the amount which is in the nature ...

Income Tax

September 12, 2015

Denial of deduction u/s.80P - the amount which is in the nature of profits and gains, was not immediately required by the assessee for lending money to the members, as there were no takers. Therefore they had deposited the money in a bank so as to earn interest - it is liable to be deducted u/s 80P(1) - AT

View Source

← Previous Next →

Denial of deduction u/s.80P - the amount which is in the nature ...

Income Tax

September 12, 2015

You may also like:

Deduction u/s 80P of the Act - the expression “the amount of profits and gains“ used in sub-section (2) of section 80P cannot be understood in a different sense - HC

Deduction u/s 80P(2)(a)(i) - assessee has shown interest income which was received from the non-members - There remains no ambiguity that income received by the assessee...

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)(d) - whether provision of section 14A are applicable to the deductions u/s 80P(2)(d) - Held yes - HC

Deduction u/s. 80P - Interest income earned from bank deposits is assessable as profits and gains of business in the hands of assessee and accordingly deduction u/s....

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...

Nature of amount received as compensation towards rent out property - Mense profit - Mense profit is not revenue receipt but capital in nature - not taxable - AT

Deduction u/s 32AB while computing the eligible profits and gains for the purpose of working out the deduction u/s 80HH and 80I - HC

Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...

Quick Updates: