Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (10) TMI 30 - HC - Income TaxExemption under Section 80P(2)(a)(i) - interest received from members - not a co-operative society engaged in the business of banking or providing credit facilities to its members - Held that:- the Tribunal has simply followed its earlier decision in identical issue and held that the interest earned on credit facilities provided to its members is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act. While holding so, the Tribunal has not decided the matter on merits by carrying out the exercise indicated in the decision of the Supreme Court in Ponni Sugars and Chemicals Ltd. (2008 -TMI - 30719 - SUPREME COURT),, viz., examination of the memorandum of association, the articles of association, the returns of income filed with the Department, the status of business indicated in such returns, etc. T set aside - matter remanded back to ITAT
|