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2014 (5) TMI 278 - AT - Income TaxAllowability of deduction 80P(2)(a)(i) of the Act – Held that:- Following CIT vs. Jafari Momin Vikas Co-op. Credit Society Ltd. [2014 (2) TMI 28 - GUJARAT HIGH COURT] - the assessee was not allowed to do banking business as defined under Banking Regulation Act – it is not a co-operative bank and accordingly is not excluded from the benefit of deduction u/s.80P(2)(a)(i) of the Act - it does not fall under the exceptions as provided u/s 80P(4) of the Act - there being no mistake in the order of the CIT(A) – Decided against Revenue. Deduction u/s.80P(2)(a)(i) not allowed in respect of interest – Held that:- There is no finding on fact that whether the deposits were maintained by the assessee for liquidity of funds for the business purpose of the assessee and whether Jafari Momin Vikas Co-op. Credit Society Ltd. is applicable to the part of deduction u/s.80P(2)(a)(i) of the Act in respect of interest – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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