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2015 (12) TMI 94 - AT - Income TaxDisallowance of deduction claimed u/s 80P(2)(a)(i) - Held that:- As decided in CIT Vs Grain Merchants Co-operative Bank Ltd., [2003 (10) TMI 21 - KARNATAKA High Court] and Tumkur Merchants Souharda Credit Co-operative Ltd., Vs ITO (2015 (2) TMI 995 - KARNATAKA HIGH COURT ) and we hold that the learned CIT(A) was not correct in denying the assessee’s claim of deduction u/s 80P(2)(a)(i) and hold the assessee is entitled to deduction under section 80P(2)(a)(i) of the Act, in respect of interest income earned on fixed deposits, as well as that the said interest income forms art of the business income earned by the assessee and the same is not to be taxed under the head “Other Sources” - Decided in favour of assessee.
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