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2023 (9) TMI 1468 - ITAT BANGALOREExemption u/s. 80P(2)(a)(i) - Addition on account of interest income - According to the assessee the interest earned by the co-operative society was attributable to the business activity of the appellant and a good portion of the said interest income was also from the investment with the other co-operative societies which is exempt u/s. 80P(2)(a)(i) of the Act - HELD THAT:- The issue is squarely covered by the judgment passed by the Hon’ble jurisdictional High Court in case of M/s. Guttigedarara Credit Co-operative Ltd [2015 (7) TMI 874 - KARNATAKA HIGH COURT] and the impugned addition has been rightly deleted by the CIT(A) applying the ratio laid down therein - the interest earned from such investment was attributable to the carrying out of the business of the appellant society. Appeal filed by revenue stands dismissed.
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