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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Disallowance of deduction u/s. 80P(2)(c) - there is not even a ...

Income Tax

January 6, 2017

Disallowance of deduction u/s. 80P(2)(c) - there is not even a remote link between the interest income earned on deposits with nationalized banks and the activities of the assessee - deduction not allowed - AT

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  1. Interest income earned by a credit cooperative society on the FDRs with nationalized bank would qualify for grant of exemption under section 80P(2) - AT

  2. 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...

  3. 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...

  4. Assessee is a credit cooperative society. It is entitled for deduction u/s 80P(2)(1) on the interest income earned by it from its members. The interest income earned on...

  5. 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...

  6. Deduction u/s 80P - Denying Section 80P deduction on parking of surplus funds in private banks and the interest received from the LIC deposits involving varying sums -...

  7. Deduction u/s 80P(2)(a)(i) - interest earned from investment made in nationalized bank by a cooperative society engaged in providing credit facilities to its members, is...

  8. Eligible for deduction u/s 80P - AO directed to allow pro rata expenses in respect of interest earned from deposit held with nationalized bank to the assessee for...

  9. Denial of deduction claimed u/s 80P (2)(d) - AO disallowed the benefit by invoking the provision of section 154 for rectification of mistake change of opinion - interest...

  10. 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...

 

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