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2017 (7) TMI 1138 - AT - Income TaxExemption u/s 80P for interest earned on deposits with Sub-treasury - Deduction in respect of income of co-operative societies - Held that:- In view of judgment of the Hon’ble Karnataka High Court in the case of TUMKUR MERCHANTS SOUHARDA CREDIT COOPERATIVE LIMITED VERSUS THE INCOME TAX OFFICER, WARD-1, TUMKUR [2015 (2) TMI 995 - KARNATAKA HIGH COURT] it is held that the amount which was invested in banks to earn interest was not an amount due to any members - thus interest on deposits with sub treasury is entitled to the benefit of deduction u/s 80P(2) - Decided in favour of assessee.
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