Home Highlights November 2013 Year 2013 This

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1. 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...

2. Disallowance of deduction claimed u/s 80P - As it is clear from the byelaws and particularly primary objects and principle business of the assessee that the assessee is...

3. 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...

4. 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...

5. 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...

6. 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...

7. Deduction u/s 80P - Disallowance of deduction under section 80P of the Act in respect of “rental income” - where the assessee-bank derived the income in question from...

8. 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...

9. 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)...

10. 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...

11. Deduction u/s 80P(2)(a) is allowed for a cooperative society earning interest and dividend income from deposits with a Delhi State Cooperative Bank registered under the...

12. 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...

13. The Appellate Tribunal addressed the following issues: 1. Deduction u/s. 80P(1) r.w.s. 80P(2)(a)(i) - Held that the assessee is not a cooperative bank, making it...

14. Deduction u/s 80P - The banking activities under the Banking Regulation Act are altogether different activities. There is a vast difference between the credit societies...

15. 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...