Deduction u/s 80P(2)(a) (i) - the credits given to such members ...

Income Tax Act: Section 80P(2)(a)(i) Deduction Applies to All Assessees Lending to Members, Excludes Non-Member Loans.

January 14, 2021

Case Laws Income Tax SC

Deduction u/s 80P(2)(a) (i) - the credits given to such members being for purposes other than agricultural credit - once section 80P(4) is out of harm’s way, all the assessees in the present case are entitled to the benefit of the deduction contained in section 80P(2)(a)(i), notwithstanding that they may also be giving loans to their members which are not related to agriculture. Also, in case it is found that there are instances of loans being given to non-members, profits attributable to such loans obviously cannot be deducted. - SC

View Source

← Previous Next →

Deduction u/s 80P(2)(a) (i) - the credits given to such members ...

Income Tax Act: Section 80P(2)(a)(i) Deduction Applies to All Assessees Lending to Members, Excludes Non-Member Loans.

January 14, 2021

Case Laws Income Tax SC

You may also like:

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...

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...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

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(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(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 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 -...

Disallowance u/s 40(a)(ia) for non-deduction of tax at source (TDS) - assessee in default - Assessee has paid interest u/s 201(1A) for non-deduction/short deduction of...

Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

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...

Advance tax payment obligation does not apply when assessee claims agricultural land sale proceeds are exempt u/s 2(14). CIT(Appeals) should admit appeal for...

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

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 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...

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...

Quick Updates: