Eligibility for deduction u/s 80P - assessee to invest 25% of ...

Assessee qualifies for deduction u/s 80P(2)(a)(i) by investing profits in FDRs, not on Savings Account interest.

March 31, 2018

Case Laws Income Tax AT

Eligibility for deduction u/s 80P - assessee to invest 25% of its profits in the reserve funds, which in turn, are parked in FDRs with Bank of Maharashtra - assessee is entitled to claim deduction under section 80P(2)(a)(i) - However, the assessee is not entitled to claim the said deduction on Saving Account interest - AT

View Source

← Previous Next →

Eligibility for deduction u/s 80P - assessee to invest 25% of ...

Assessee qualifies for deduction u/s 80P(2)(a)(i) by investing profits in FDRs, not on Savings Account interest.

March 31, 2018

Case Laws Income Tax AT

You may also like:

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...

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...

Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

Deduction u/s 80P2(a)(i) - Interest on fixed deposits - The Appellate Tribunal noted that the deductions available under Section 80P(2)(a) are activity-based, and the...

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 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...

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...

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...

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...

Revision u/s 263 - Deduction u/s 80P(2)(a)(i) - interest income was received by the assessee on deposits - section 80P(2)(d) of the Act specifically exempts interest...

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...

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...

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...

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)...

Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to...

Quick Updates: