Deduction u/s 80P(2)(a)(i) - interest earned from investment ...

Interest from nationalized bank investments is not deductible under Income Tax Act Section 80P(2)(a)(i) for cooperatives.

August 31, 2018

Case Laws Income Tax AT

Deduction u/s 80P(2)(a)(i) - interest earned from investment made in nationalized bank by a cooperative society engaged in providing credit facilities to its members, is not eligible for deduction under section 80P - However, any expenditure incurred by the assessee for earning such income could be allowed to it, if not already allowed.

View Source

← Previous Next →

Deduction u/s 80P(2)(a)(i) - interest earned from investment ...

Interest from nationalized bank investments is not deductible under Income Tax Act Section 80P(2)(a)(i) for cooperatives.

August 31, 2018

Case Laws Income Tax AT

You may also like:

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 - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

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 claimed u/sec. 80P(2)(a)(i) - interest income from the investments made in co-operative/scheduled bank(s) - The Tribunal observed that despite the insertion of...

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...

Deduction u/s 80(P)(2)(d) - Interest income earned on investment in Fixed Deposit with a cooperative bank. - The Hon’ble Apex Court categorically stated that the...

The High Court upheld the Tribunal's decision allowing deduction u/s 80P(2)(d) of the Income Tax Act to the assessee, a cooperative society, on the interest income...

Revision u/s 263 - Deduction u/s 80P on interest received from Cooperative Bank - After considering the submissions and the relevant statutory provisions and precedents,...

Co-operative bank registered under state Act, main objective providing credit facility to members who are employees, funds contributed by members given as loans on...

Interest income earned by a cooperative society from deposits made with another cooperative bank is eligible for deduction u/s 80P(2)(d) of the Income Tax Act. The...

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...

The ITAT Chandigarh dealt with a case involving revision u/s 263 on interest income from fixed deposits. The tribunal held that AO correctly allowed deduction u/s 80P,...

Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

Deduction u/s. 80P(2)(a)(i) - interest income earned on its investments amount made with District co-operative banks - The Tribunal upheld the decision of the lower...

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...

Quick Updates: