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2004 (4) TMI 19 - HC - Income TaxClaim for setting off the relief u/s 80J - CIT noticed that the initial AY for which the assessee had become entitled to the deduction was the AY 1978-79 and so as per the provisions of sub-section (2) of section 80J, the assessee being a cooperative society could carry forward and set off the deduction under section 80J against the income up to the assessment year 1984-85 only. The Commissioner also took the view that the deduction u/s 80P(2)(a)(i) and u/s 80P(2)(a)(iii) was not in order as the assessee was not one engaged in the business of banking or providing credit facilities for its members. - Tribunal, after elaborately considering the matter, upheld the order of the Commissioner – Held that Tribunal rightly rejected the plea of the assessee that six year period will have to be considered from the AY 1984-85 and not from the initial AY 1978-79.
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