Search Results for "Section 80P"

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Search Results for "Section 80P"

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High Court

High Court of Bombay at Goa Dismisses Co-operative Society's Tax Appeals — Primary Co-operative Bank Excluded from Section 80P Deduction. Appellant's claim for deduction under Section 80P(2)(a)(i) denied as it is a Primary Co-operative Bank hit by Section 80P(4) of the Income Tax Act, 1961.

17 Apr 2015

The case involves three tax appeals filed by M/s. The Quepem Urban Co-operative Credit Society Ltd. against the common order of the Income Tax Appella...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Cooperative Society Entitled to Deduction Under Section 80P(2)(e) on Ginning and Pressing Charges. Reopening of Assessment Based on Change of Opinion Not Justified.

8 Dec 2015

The case involves an appeal by the Commissioner of Income Tax-I, Nagpur against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the...

High Court

High Court of Karnataka Quashes Reassessment Notice Against Souharda Cooperative Societies — Cooperative Societies Registered Under State Act Are Not 'Co-operative Banks' Under Income Tax Act. The court held that Souharda Cooperative Societies, not having an RBI license, are not co-operative banks under Section 2(19) of the Income Tax Act, 1961, and are entitled to deduction under Section 80P.

16 Jan 2020

The judgment involves two writ petitions filed by Souharda Cooperative Societies registered under the Karnataka Souharda Sahakari Act, 1997. The first...

High Court

Bombay High Court Upholds Deduction Under Section 80P for Co-operative Bank's Interest Income from Advance Rent. Interest on advance rent paid for business premises is closely connected to banking business and eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961.

21 Jul 2011

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the decision ...

High Court

Bombay High Court Dismisses Revenue's Application in Co-operative Bank Deduction Case — Interest on Government Securities Earmarked Against Statutory Reserve Fund Held Eligible for Deduction Under Section 80P(2)(a)(i) of Income Tax Act, 1961. The court found no question of law arose as the ITAT's decision followed the Supreme Court's ruling in Madhya Pradesh Co-op. Bank Ltd. v. Addl. CIT.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, against the Maharashtra State ...

High Court

Bombay High Court Dismisses Revenue's Application for Reference in Co-operative Bank Deduction Case. Interest on Government Securities Earmarked Against Statutory Reserve Fund Held Eligible for Deduction Under Section 80P(2)(a)(i) of the Income Tax Act, 1961.

16 Aug 2005

The case involves an application under section 256(2) of the Income Tax Act, 1961, filed by the Commissioner of Income Tax, Mumbai City III, against t...

High Court

Bombay High Court Dismisses Revenue's Application in Income Tax Reference — Reassessment Notice Barred by Limitation and Deduction Under Section 80P(2)(a)(i) for Interest on Government Securities Held Against Statutory Reserve Fund by Co-operative Bank is Allowable. The court upheld the Tribunal's finding that the reassessment proceedings initiated under section 148 were time-barred and that the interest income on Government securities is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, seeking a reference to the Hig...

High Court

Bombay High Court Dismisses Revenue's Application Under Section 256(2) of Income Tax Act, 1961 — Co-operative Bank's Interest on Government Securities Held Eligible for Deduction Under Section 80P(2)(a)(i). The Court upheld the Tribunal's finding that interest income from securities forming part of statutory reserve fund is attributable to the business of banking and qualifies for deduction.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, seeking a reference to the Hig...

High Court

Bombay High Court Dismisses Revenue's Appeal in Cooperative Bank Deduction Case — Commission Income from Cotton Hundi and Electricity Bill Collection Qualifies for Section 80P(2)(a) Deduction. The court held that such activities are integral to banking business and covered by the deduction.

24 Feb 2015

The case involves two appeals by the Commissioner of Income Tax-III, Nagpur, against the respondent, Amravati District Central Cooperative Bank Ltd, f...

High Court

Bombay High Court Dismisses Revenue's Application in Co-operative Bank Deduction Case — Reassessment Notice Under Section 148 Held Invalid Due to Lack of Reasonable Belief. The court upheld the Tribunal's finding that the notice was based on a change of opinion and not on fresh material, thus no question of law arose.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, seeking a reference to the Hig...

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