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Income Tax - Highlights / Catch Notes

Home Highlights August 2017 Year 2017 This

Benefit of Section 80P - income of co-operative societies under ...

Income Tax

August 16, 2017

Benefit of Section 80P - income of co-operative societies under Section 80P - providing credit facilities / financial business - its operation was not confined to its members but outsiders as well - deduction not allowed as barred u/s 80P(4) - SC

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  1. 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...

  2. Claim of deduction u/s 80P(2) - Since there is a certificate issued by the Registrar of Cooperative Societies, stating that the assessee is a primary agricultural credit...

  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...

  4. Deduction u/s 80P - It is a co-operative society which also carries on the business of lending money to its members which is covered under section 80P(2)(a)(i) of the...

  5. Denial the benefit under Section 80P(2) - The position of these assesses as co-operative societies being clear they cannot be construed as co-operative banks.

  6. Eligibility for claiming deduction u/s. 80P - fulfillment of principal objective of providing agricultural credits to members - a Primary Agricultural Credit Society...

  7. Deduction u/s 80P - In case of co-operative credit society, income to which benefit of section 80P(2)(a)(i) is not allowed, e.g., rental income, interest income from...

  8. 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

  9. The provisions of Section 80P were made inapplicable in relation to any Co-operative Bank other than the Primary Agriculture Credit Society or Primary Co-operative...

  10. Investment of surplus fund by a coop society, no deduction u/s 80P – Supreme Court

 

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