Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2021 Year 2021 This

Deduction u/s 80P(2)(i)(a) - Additions u/s 68 - For a reason ...

Income Tax

October 23, 2021

Deduction u/s 80P(2)(i)(a) - Additions u/s 68 - For a reason recorded and accepted by all the authorities, the 5% of the expenditure booked against interest paid to depositors is disallowed and once disallowed portion is accepted by all the authorities, the said disallowed portion forms part of the interest earned by the Society on the amount lent by the Society to its members, vis-a-vis in other words, income earned from business carried on by the Society. Therefore, the Society is entitled to deduction u/s 80P(2)(i)(a) of the Income Tax Act. Section 68 of the Act in terms is not applicable to an entry warranted consequent to the disallowed expenditure by the Assessing Authority. - HC

View Source

 


 

You may also like:

  1. Claim of deduction u/s 80P(2)(d) - interest income received from Co-operative Bank - In the present case even though the assessee’s claim of deduction under section...

  2. 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...

  3. 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

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

  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 - CIT(A) has allocated the whole of the interest expenditure over the interest on FDRs and to the extent of interest attributable to FDRs placed with...

  7. 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

  8. 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...

  9. 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

  10. 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:Latest Updates