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2018 (6) TMI 1576 - AT - Income TaxDeduction u/s 80P - respect of certain receipts, i.e. Electricity Commission, Bank Interest - HELD THAT:- Electricity Commission held allowable following BANGANGA NAGRI SAH. PATSANSTHA LTD. [2016 (4) TMI 473 - ITAT PUNE] - Bank Interest has already been settled by the Apex Court in the case of CIT Vs. Nawanshahar Central Cooperative Bank Ltd.[2005 (8) TMI 28 - SUPREME COURT OF INDIA] allowed in favour of assessee. Allowability of deduction u/s 80P - interest receipts received out of deposits with MSEB and the Advertisement Income earned by the assessee, it is the claim of assessee that the said receipts are also entitled to the deduction - HELD THAT:- Considering the principle of parity with that of Electricity Commission and Bank Interest as such, there are no case laws filed by the assessee in respect of his claim for deduction in these receipts, nobody has examined the principle of parity as claimed by the assessee. The issues of MSEB Deposit Interest and Advertisement Income are set-aside to the file of AO with a direction to verify the nexus and admissibility of the claim of assessee in the light of above cited decisions by the assessee and adjudicate the same afresh. AO shall afford reasonable opportunity of hearing to the assessee while deciding the issues. Appeal of the assessee is partly allowed for statistical purposes.
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