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2013 (2) TMI 422 - ITAT CHENNAIExemption u/s 80P(2) – whether the assessee was entitled to exemption u/s 80P(2)(a)(i) in respect of interest received from the members of the society – Held that:- In order to earn exemption under section 80P(2) a cooperative society must prove that it had engaged itself in carrying on any of the several business referred to in sub-section (2) - society must be engaged in carrying on the business of banking or providing credit facilities to its members – It is required to examine the Memorandum of Association, Articles of Association, returns of income filed with the Department and status of the business indicated in such returns – Issue was restored to the file of the AO – Appeal stands partly allowed for statistical purposes.
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