Denial of deduction u/s 80P(2) - assessee is in the Banking ...

Income Tax

March 26, 2020

Denial of deduction u/s 80P(2) - assessee is in the Banking business accepts the deposits from the general public being D Class nominal members and also lend the funds - eligibility of nominal members - the nominal members are also eligible for the Benefits of credit society.

View Source

← Previous Next →

Denial of deduction u/s 80P(2) - assessee is in the Banking ...

Income Tax

March 26, 2020

You may also like:

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...

Interest on Non SLR investments/CTR - cooperative banks who are carrying on banking business are entitled for deduction under Section 80P(2)(a)(i) of the Act - HC

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)(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 -...

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...

Deduction u/s.80P(2)(a)(i) - Assessee is entitled for deduction of interest income derived from investment of surplus funds with banks also.- AT

Activities are meant for general public utility, i.e. whoever wants to advance his/her qualifications in the banking industry - assessee is a charitable organization and...

Deduction U/s 80P - principles of mutuality - identity between contributor and participant - AO directed to verifying as to the rights, roles , entitlements , duties and...

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.

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...

Quick Updates: