Interest income earned by a co-operative society formed and ...

Interest income earned by govt co-op society in regular operations qualifies as cottage industry revenue eligible for 80P(2)(a)(ii) deduction.

Case Laws Income Tax

August 10, 2024

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 operations as a cottage industry. The society is eligible for deduction u/s 80P(2)(a)(ii) of the Income Tax Act. The authorities erred in disallowing the deduction u/s 80P(2)(d), as the entire income, including interest earned on deposits, is attributable to the society's business and should be allowed as deduction u/s 80P(2)(a)(ii). The appeal of the assessee is allowed.

View Source

← Previous Next →

Interest income earned by a co-operative society formed and ...

Interest income earned by govt co-op society in regular operations qualifies as cottage industry revenue eligible for 80P(2)(a)(ii) deduction.

Case Laws Income Tax

August 10, 2024

You may also like:

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)(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...

Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

Co-operative Housing Society declared income from maintenance charges under 'Income from other sources' with deficit of Rs. 13,86,671/-. Rental and interest income also...

Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest...

Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

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...

Interest income earned by a credit cooperative society on the FDRs with nationalized bank would qualify for grant of exemption under section 80P(2) - AT

Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks...

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...

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...

Income From other sources - The Appellate Tribunal addressed the disallowance of interest expenses u/s 57(iii) of the Act. The claim was denied due to lack of direct...

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

Quick Updates: