Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 481 - AT - Income TaxDeduction u/s 80P(2)(a)(i) - Held that:- Section 80P(2) provides deduction to co-operative societies engaged in carrying on the business of banking providing credit facilities to its members - Section 80P(4) only takes out co-operative banks from the ambit of deduction u/s 80 P of the Act but further grants exemption to co-operative bank which is primarily an agricultural credit society or co-operative agricultural and rural development bank - As per clarification No. 133/06/2007-TPL dated 9th May 2007 issued by Central Board of Direct Taxes - Deduction is available to co-operative bank which is primarily an agricultural credit society - The assessee is entitled to the benefit of deduction u/s 80P(2)(a)(i) of the Act - Decided against Revenue. Whether interest income on short term bank deposits and securities would be qualified as business income u/s 80P(2)(a)(i) – Held that:- Following CIT v. Manekbaug Co-op Housing Society Ltd [2012 (6) TMI 292 - GUJARAT HIGH COURT] – Decided in favour of assessee.
|