Section 80P Deduction

Income Tax

Late ITR Filing Bars Rs 83.89 Lakh Section 80P Deduction Despite Return Filed Under Section 148 | Biz Flow Kit
Byadmin June 12, 2026

ITAT: Late ITR Filing Bars Rs 83.89 Lakh Section 80P Deduction Despite Return Filed Under Section 148 The ITAT Bangalore has quashed an appeal filed by M/s. Kassia Credit Co-operative Society Limited, holding that it is not eligible to claim a deduction under Section 80P of the Income Tax Act because it failed to file…

Read More Late ITR Filing Bars Rs 83.89 Lakh Section 80P Deduction Despite Return Filed Under Section 148 | Biz Flow Kit
Income Tax

Clear Mention of “Misreporting of Income” Validates Section 270A Penalty: ITAT | Biz Flow Kit
Byadmin May 29, 2026

Clear Mention of “Misreporting of Income” Validates Section 270A Penalty: ITAT The Tribunal upheld the penalty under Section 270A, ruling that the AO’s notice clearly specified “under-reporting due to misreporting of income“, and therefore the penalty proceedings were valid. Prakashnagar Credit Cooperative Society Ltd filed the present case against the ITO, challenging orders passed by…

Read More Clear Mention of “Misreporting of Income” Validates Section 270A Penalty: ITAT | Biz Flow Kit
Income Tax

Interest on Surplus Funds Eligible for Section 80P Deduction; Rules ITAT | Biz Flow Kit
Byadmin April 18, 2026

Interest on Surplus Funds Eligible for Section 80P Deduction; Rules ITAT The Karnataka State Cooperative Agriculture and Rural Development Bank, a massive federal society established nearly a century ago, found itself in a tax tug-of-war for the 2022-23 assessment year. The bank’s primary role is to provide credit to 180 primary co-operative banks and its…

Read More Interest on Surplus Funds Eligible for Section 80P Deduction; Rules ITAT | Biz Flow Kit