Deduction under Sec. 80P - Claim of NPA - Recovery from accounts ...

Section 80P Deduction Denied Due to Unverifiable "Other Income" from NPAs; Addition Confirmed.

September 18, 2023

Case Laws Income Tax AT

Deduction under Sec. 80P - Claim of NPA - Recovery from accounts classified as “Non-Performing Assets” (NPA) - claim of deduction was declined by them for the reason that as the assessee had failed to give specific details as regards the income classified as “other income”, therefore, the same was not open for verification - Addition confirmed - AT

View Source

← Previous Next →

Deduction under Sec. 80P - Claim of NPA - Recovery from accounts ...

Section 80P Deduction Denied Due to Unverifiable "Other Income" from NPAs; Addition Confirmed.

September 18, 2023

Case Laws Income Tax AT

You may also like:

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...

Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss...

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)(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 - there was a few-month delay in filing the ITR by the assessee and ITR was filed within due date permissible u/s 139(4) of the Act, in which the claim...

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...

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...

Deduction us/ 80P(2) - income received on investment made with co-operative banks - The Tribunal interpreted section 80P(2)(d) and (e) to determine the eligibility of...

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 - return of income was not filed within the due date prescribed u/s 139(1) - looking into the totality of facts, we are of the view that claim of...

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 - Denying Section 80P deduction on parking of surplus funds in private banks and the interest received from the LIC deposits involving varying sums -...

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

Deduction u/s 80P - In case of co-operative credit society, income to which benefit of section 80P(2)(a)(i) is not allowed, e.g., rental income, interest income from...

Quick Updates: