Section 80P(2)(c) of the Income Tax Act
Income-tax Act, 2025: s.149
Section 80P(2)(c) falls under section 80P of the Income-tax Act, 1961, which corresponds to section 149 (Deduction in respect of income of co-operative societies) of the Income-tax Act, 2025.
Read section 149 of the 2025 Act
Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.
The decision most relied on for Section 80P(2)(c) is Jt. CIT v. Tractors and Farm Equipments Ltd. (104 ITD 149), cited in 118 of the 93 judgments on BharatTax that turn on this section.
Leading authorities on Section 80P(2)(c)
A delay in filing an appeal cannot be condoned if it is attributable to the assessee's negligence or inaction, such as misplacing and forgetting the Commissioner (Appeals)'s order. The provisions relating to limitation apply with rigour, and a lack of due care and attention is not a sufficient reason for condonation.
The Supreme Court dismisses appeals seeking condonation of excessive delay in filing, especially when the reasons provided for the delay, such as attributing it to an employee, are not found to be sufficient or convincing.
The doctrine of mutuality applies to co-operative societies, preventing income derived from members from being taxed as income from other sources. The court affirmed that the principle of mutuality, as accepted by the jurisdictional High Court, should be followed.
A High Court refuses to condone a significant delay in filing an appeal when the assessee fails to provide a 'sufficient cause' for the delay. The court emphasizes that assessees must be vigilant in pursuing their rights.
Income earned by a co-operative society on deposits made with banks is not considered attributable to its credit facilities business and therefore falls outside the scope of deduction under Section 80P.
Appeals are dismissed as time-barred when the assessee, aware of counsel's negligence causing a significant delay in filing, fails to inquire about the appeal status and attempts to shift responsibility to the lawyer.
