The case of the assessee can be easily summarised in a Hindi ...

Entity's Contradictory Claims: Cooperative Bank Status Flip-Flop for Section 80P Deduction Highlights Dual Benefits Attempt.

May 22, 2017

Case Laws Income Tax AT

The case of the assessee can be easily summarised in a Hindi proverb- “Chitt bhee meri Pat bhee meri. ”To save itself from the penal provisions, it claimed that it was a cooperative bank and for claiming deduction u/s. 80P now it claims that it is not a cooperative bank. - AT

View Source

← Previous Next →

The case of the assessee can be easily summarised in a Hindi ...

Entity's Contradictory Claims: Cooperative Bank Status Flip-Flop for Section 80P Deduction Highlights Dual Benefits Attempt.

May 22, 2017

Case Laws Income Tax AT

You may also like:

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...

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...

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...

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...

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 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...

Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank...

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)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot...

Cooperative bank appealed against TDS obligations on interest payments to cooperative societies and a temple trust. ITAT held that under Sec 194A(3)(v), cooperative...

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...

Deduction u/s 80(P)(2)(d) - Interest income earned on investment in Fixed Deposit with a cooperative bank. - The Hon’ble Apex Court categorically stated that the...

Cooperative Banks, Renting income is eligible for deduction u/s 80P

Quick Updates: