Assessee entitled to deduction u/s 80P(2)(a)(i) on income ...

Assessee eligible for deduction on regular members' income. AO to verify bye-laws. Interest from co-op banks taxable. Expenditure for earning interest allowed after cost determination.

Case Laws Income Tax

July 6, 2024

Assessee entitled to deduction u/s 80P(2)(a)(i) on income attributable to regular members as per Mavilayi Service Cooperative Bank Ltd. case. AO to examine bye-laws regarding classification of members, their rights, and profit sharing. Deduction u/s 80P(2)(d) on interest from cooperative banks disallowed if payer qualifies as cooperative bank under KSCARDB case. Expenditure u/s 57 towards earning interest income allowed after determining cost of funds as per Totgars' Cooperative Sales Society Ltd. and West Coast Paper Mill Employees Souharda Credit Co-op. Ltd. cases. Issues remanded to AO for verification. Appeal partly allowed for statistical purposes.

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Assessee entitled to deduction u/s 80P(2)(a)(i) on income ...

Assessee eligible for deduction on regular members' income. AO to verify bye-laws. Interest from co-op banks taxable. Expenditure for earning interest allowed after cost determination.

Case Laws Income Tax

July 6, 2024

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