{"id":12641,"date":"2020-10-07T06:36:03","date_gmt":"2020-10-07T06:36:03","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-electro-urban-co-operative-credit-society-ltd-2020-426-itr-215-calhc\/"},"modified":"2021-06-05T11:17:47","modified_gmt":"2021-06-05T05:47:47","slug":"pcit-v-electro-urban-co-operative-credit-society-ltd-2020-426-itr-215-calhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-electro-urban-co-operative-credit-society-ltd-2020-426-itr-215-calhc\/","title":{"rendered":"PCIT v. Electro Urban Co-Operative Credit Society Ltd. (2020) 426 ITR 215\/ 273 Taxman 437 (Cal)(HC)"},"content":{"rendered":"<p>Court held that as per S.79\u00a0and\u00a082 of the West Bengal Co-operative Societies Act, 2006,\u00a0\u00a0 it is mandate to transfer, in every co-operative year, not less than 10 per cent. of its net profit to a reserve fund. The corresponding enabling procedure was in accordance with rule 119 of the West Bengal Co-operative Societies Rules, 2011.\u00a0 Accordingly it was entitled to deduction of the interest earned as a result of the investment of the reserve fund in approved securities. The AO was \u00a0directed to work out the interest earned on the reserve fund, if invested and allow deduction therefor in addition to the deduction already allowed in applying S.\u00a080P(2)(d) of the Act . ( AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 80P : Co-operative societies &#8211; Amount transferred to reserve fund which were invested in approved securities \u2014 Interest earned is entitled to &#8211; Matter remanded. [S.80P(2)(d),  West Bengal Co-operative Societies Act, 2006, S 79, 82 ]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12641","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3hT","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12641"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12641\/revisions"}],"predecessor-version":[{"id":18932,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12641\/revisions\/18932"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}