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2015 (5) TMI 1151 - ITAT PUNEDisallowance of deduction u/s. 80P(2)(a)(i) - assessee Co-operative Credit Society has earned interest income from the deposits with nationalized bank - Held that:- The stand of the assessee right through has been that the society is not engaged in any other activity except receiving deposits from its members and providing credit facilities to its members. The assessee has made deposits with nationalized banks in order to maintain liquidity and provide ready availability of funds for repayment of deposits on redemption/maturity. These facts have not been refuted by the department. See ITO Vs. Niphard Nagari Sahakari Patsanstha Ltd. [2013 (7) TMI 1105 - ITAT PUNE] Thus, we hold that the assessee is eligible to claim deduction u/s. 80P(2)(a)(i). - Decided in favour of assessee.
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