Revision u/s 263 - Deduction u/s 80P(2)(a)(i) - interest income ...

Revision u/s 263: Interest from Bank Deposits Not Deductible u/s 80P(2)(a)(i) for Cooperative Societies.

August 18, 2021

Case Laws Income Tax AT

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 earned from funds invested in cooperative societies. - However, interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act. - The argument that co-operative Banks are also co-operative societies is without any basis - AT

View Source

← Previous Next →

Revision u/s 263 - Deduction u/s 80P(2)(a)(i) - interest income ...

Revision u/s 263: Interest from Bank Deposits Not Deductible u/s 80P(2)(a)(i) for Cooperative Societies.

August 18, 2021

Case Laws Income Tax AT

You may also like:

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,...

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,...

Denial of deduction claimed u/s 80P (2)(d) - AO disallowed the benefit by invoking the provision of section 154 for rectification of mistake change of opinion - interest...

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...

Validity of revision u/s 263 regarding eligibility for deduction u/s 80P(2)(d) on interest income from deposits with a cooperative bank was examined. It was held that...

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...

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...

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...

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...

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...

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...

The HC held that the provisions of Section 80P(2)(d) would apply to the interest earned by the assessee cooperative society from the Surat District Cooperative Bank Ltd....

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...

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

Quick Updates: