Held that the interest earned on money deposited in the nationalised bank should be taxed as Income from other sources. Thus the interest income earned on the investment of surplus money with banks was eligible for exemption under section\u00a080P(2)(a)(i)\u00a0of the Act. The interest earned on securities held with the Reserve Bank of India was exempt under the provisions of section\u00a080P(2)(a)(i)\u00a0of the Act. That the disallowances, if any, made would increase the business profits of the co-operative society. The enhanced business profits on account of disallowances made by the Assessing Officer would qualify for exemption under section\u00a080P(2)(a)(i)\u00a0of the Act. That under the provisions of the\u00a0Maharashtra Co-operative Societies Act, 1960, the term members included nominal members and extraordinary members and in the circumstances, the Commissioner (Appeals) was not justified in denying the exemption under section\u00a080P(2)(a)(i)\u00a0of the Act.(AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P : Co-operative societies-Interest earned on money deposited in Nationalised Bank-Taxable as income from other sources-Interest earned on securities with Reserve Bank of India-Eligible for exemption-Enhanced business profits on account of disallowances-Qualify for exemption-Members includes nominal members and extraordinary members-Eligible for exemption. [S. 56, 80P(2)(a)(i), Maharashtra Co-operative Societies Act, 1960] <\/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-28890","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7vY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28890","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=28890"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28890\/revisions"}],"predecessor-version":[{"id":28891,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28890\/revisions\/28891"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}