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The Rajkot bench of the Income Tax Appellate Tribunal has ruled that, under Section 80P, the income tax deduction cannot be refused due to failure to file an Income-tax return by the deadline. The assessee is duly registered with a co-operative society under the Gujarat Co-operative Societies Act. The assessee’s primary source of revenue comes […]
In its recent ruling, the Income Tax Appellate Tribunal (ITAT), the Visakhapatnam Bench has said that according to Section 80P of the Income Tax Act, a deduction is available for the interest income generated from deposits or investments made with cooperative banks. The panel consisting of Duvvuru Rl Reddy (Judicial Member) and S Balakrishnan (Accountant […]
The Madras High Court has ruled that Section 80P(2)(d) of the Income Tax Act does not apply to interest received from investments done in a cooperative bank. The court, in its decision to repeal the reassessment proceedings, relied on a previous decision given by a division bench in the case of Salem Agricultural Producers Co-operative […]
The Supreme Court bench, comprised of Justice B.V. Nagarathna and Justice Ujjal Bhuyan, in the landmark ruling, has allotted the Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB) the 80P deduction benefit under the Income Tax Act, 1961. The taxpayer/petitioner, in brief, stated that Kerala State Cooperative Agricultural and Rural Devt Bank is a […]
The Kerala High Court has issued a directive regarding the Income Tax Returns (ITR) in cases where income tax returns were not filed due to a genuine belief in the exemption provided under Section 80P of the Income Tax Act, 1961. The current writ petitions contend the notices issued under Section 148 of the Income […]
Days after many income taxpayers were sent notices mistakenly for incorrect claims of tax deductions under Section 80P, the Income Tax Department clarified that the error was made. Responding to a query from a taxpayer, chartered accountant Nirav Choksi on X (formerly Twitter) said, the tax department assured that they would send an email communication […]
The deduction under Section 80P of the Income Tax Act, 1961 must not be permitted on interest made through the nationalized banks the Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench stated during upholding the Commissioner of Income Tax (Appeal) order. The taxpayer Gujarat State Co-op Agriculture and Rural Development Bank Ltd is stated as a […]
The Income Tax Appellate Tribunal (ITAT), the Ahmedabad bench has ruled that income generated from commercial activity cannot be deducted under Section 80P of the Income Tax Act, 1961. The assessee, Jetalpur Seva Sahkari Mandali Ltd., filed an income tax return for the assessment year 2017-18, declaring an aggregate income of Rs. 21,52,910/-. The return […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Co-operative society engaged in banking businesses does not fall under the category for deduction under Section 80P (2) (a) (i) of the Income Tax Act, 1961. Nil return had been filed by the assessee, M/s. Shri Basaveswar Credit Cooperative Society Ltd. […]
