Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 986 - AT - Income TaxDeduction of dividend income under section 80P(2)(d) disallowed - Held that:- Certificate from the managing director which shows that the Bundi Central Co-operative Bank has jurisdiction to provide finance/loan to small professionals and agriculturists living in the village and towns. It gives direct loan also which comes in primary loan. Whatever loan given through the co-operative society, which is debited in the name of society but given directly to the customers and also regulated through the society for interest and recovery purposes. Therefore, the bank was providing loans at primary level as well as at the level of village/town for farmers as well as customers. Therefore, it is entitled to allow deduction under section 80P(2)(d) of the Act. On the basis of evidence enclosed by the assessee, it is fact that the assessee has been advancing loan to the farmers and villagers as a primary loan. It is not clear from the record that from where the assessee was getting dividends, therefore, matter is set aside and remanded to the Assessing Officer for de novo enquiry and decide the case by providing the reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes only.
|