Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (11) TMI 28 - HC - Income TaxDeduction under section 80P(2)(c) – cooperative society - income earned by the assessee-respondent on the deposits with the banks and post offices during the relevant assessment year, when the sugar factory itself was under construction is the income earned by it from investment in fixed deposits is attributable to the activities of the society. The interest income was treated by the Income-tax Officer as the income earned by the assessee. The assessee, being a cooperative society, in our view is entitled for deduction of Rs. 20,000 in its gross total income under section 80P(2)(c) - Tribunal has rightly interpreted section 80P(2)(c) of the Act and the assessee was entitled to deduction
|