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2020 (12) TMI 1313 - AT - Income TaxExemption u/s.80P - interest income received from the staff of the Assessee’s Society - HELD THAT:- Assessee’s Society has existed only for the members of the Telecom Employees Co-operative Society and not for the benefit of the staff of the Telecom Employees Co-operative Society. The Telecom Employees Co-operative Society is an altogether different from the staff of the Assessee. Therefore, the claim made by the Assessee u/s.80P is not an eligible claim and therefore the Assessing Officer as well as the learned Commissioner of Income Tax (Appeals) rightly denied the claim of the Assessee u/s.80P of the Income Tax Act, 1961. In this appeal, the issue has been decided against the Assessee and in favour of the Revenue. Treatment of interest income as income from other sources - expenditure incurred by the Assessee to earn the interest income - HELD THAT:- The case of the Assessee is that the Assessing Officer has treated the interest income earned by the Assessee has income from other sources and estimated the expenditure only. In the Assessment Order, the Assessing Officer has not properly considered the expenditure incurred by the Assessee to earn the interest income and simply estimated the interest expenditure. It is not correct. Thus we set aside the order passed by CIT (Appeals) on this count and remit back the matter back to the Assessing Officer to adjudicate the issue afresh in accordance with law de novo.
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