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2015 (9) TMI 1422 - AT - Income TaxDisallowance for deduction u/s 80P(2)(a)(i) - Held that:- The assessee is primarily involved giving loans to its members for the purposes of purchasing minor irrigation and agricultural equipments , rearing of the cattle's namely cows, buffalos goats and sheep. These are agricultural activities within the meaning of Act itself and further comes within the scope of agricultural and rural development activities. Thus giving the loans for the agriculture implements seeds, and live stock clearly entitle the assessee to avail the benefit of Section 80 P of the Act. Therefore we hold that Revenue was wrong in contending that the giving loan for livestock only i.e. cow, buffalo, goat and sheep is not agricultural activities and therefore the assessee is entitled to deduction under the above said provision. In the result thereof we hereby allow the appeal with the direction to the AO to give all the benefits to the assessee under 80P of the act. - Decided in favour of assessee
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