Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
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 
of 4805
Join Channel
TaxTMI 
