Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 422 - AT - Income TaxExemption u/s 80P(2) whether the assessee was entitled to exemption u/s 80P(2)(a)(i) in respect of interest received from the members of the society Held that:- In order to earn exemption under section 80P(2) a cooperative society must prove that it had engaged itself in carrying on any of the several business referred to in sub-section (2) - society must be engaged in carrying on the business of banking or providing credit facilities to its members It is required to examine the Memorandum of Association, Articles of Association, returns of income filed with the Department and status of the business indicated in such returns Issue was restored to the file of the AO Appeal stands partly allowed for statistical purposes.
|