Section 80P Deduction Allowed to Primary Cooperative Society for Belated Return Subject to Nominal Costs Issue Whether a primary cooperative society can be allowed the substantive tax benefit of deduction under Section 80P read with Section 80AC despite filing its return of income beyond the due date prescribed under Section 139. Facts Assessment Year: AY… Read More »
CBDT Circular 13/2023 Overrides Circular 9/2015 to Condone Delay in Cooperative Society’s Section 80P Return Filing Issue Whether CBDT Circular No. 13/2023, specifically dealing with condonation of delay in filing ITRs for cooperative societies claiming Section 80P deductions, overrides CBDT Circular No. 09/2015. Whether the CCIT was justified in rejecting the assessee’s application for condonation… Read More »
In assessment of trust, AO cannot invoke section 68 for non-corporate entities without verifying statutory conditions. Issue Whether an addition under Section 68 can be made in the hands of an assessment-exempt public charitable trust regarding voluntary contributions/corpus donations without the Assessing Officer satisfying the primary statutory conditions and establishing that the receipts represent unexplained… Read More »
Rejection Of Condonation For Delayed Section 80P Return By Co-Operative Society Set Aside Liberal Approach Required Rejection Of Condonation For Delayed Section 80P Return By Co-Operative Society Set Aside Liberal Approach Required Issue Condonation of Delay under Section 119(2)(b) for Section 80P Deduction: Whether a co-operative society’s application seeking condonation of delay under Section 119(2)(b)… Read More »
No Income Tax Exemption to Schools with no Free Education or Scholarships :HC Trust Deed states that the fees and charges shall be fixed taking into account the cost of running including future development thereof though without an element of profit motive indicates that the actual intention of the trust is only to generate income… Read More »