Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
A co-operative society governed by the Karnataka Co-operative...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income treatment
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
A co-operative society governed by the Karnataka Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i) despite having nominal members, because nominal or associate membership is permitted by the governing statute and deduction cannot be denied on that ground alone. Interest on deposits with Apex Bank and savings account interest linked to statutory or operational banking requirements was treated as eligible for deduction under section 80P, while fixed deposit interest from SBI was directed to be assessed as income from other sources with admissible section 57 deduction for cost of funds and related expenses. A housing co-operative society advancing loans to its members was also held not to be excluded from section 80P.
A co-operative society governed by the Karnataka Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i) despite having nominal members, because nominal or associate membership is permitted by the governing statute and deduction cannot be denied on that ground alone. Interest on deposits with Apex Bank and savings account interest linked to statutory or operational banking requirements was treated as eligible for deduction under section 80P, while fixed deposit interest from SBI was directed to be assessed as income from other sources with admissible section 57 deduction for cost of funds and related expenses. A housing co-operative society advancing loans to its members was also held not to be excluded from section 80P.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
