Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 1485 - AT - Income TaxDeduction u/s.80P(2)(a)(i) - interest income received from non cooperative banks - whether interest income is not attributable to the business of the assessee that of providing credit facilities to its members - as per AO such income fall under the head “income from other sources” u/s.56 and not u/s.28 - Held that:- As relying on decision in the case of Swa Ashokrao Bankar Nagari Sahakari Patsanstha Maryadit (2016 (7) TMI 1484 - ITAT PUNE) hold that the assessee is entitled to deduction u/s.80P(2)(a)(i) on the interest income kept with banks other than cooperative banks/cooperative societies. Therefore, the order of the CIT(A) is set aside and the grounds raised by the assessee are allowed.
|