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2022 (5) TMI 1481 - AT - Income TaxDeduction u/s.80P(2) - Assessee is a Co-operative Society with main activity to promote the interest of “IRULA” Community who come under the Scheduled Tribe [ST] - main activity of the Society is snake catching, extraction of venom, storage of venom, price fixing, selling of venom - DR prayed that bank interest earned by the Assessee is liable to be taxed under the head “income from other sources” - HELD THAT:- Assessee received the interest from the co-operative bank “TAICO”. The co-operative banks are first cooperative society and thereafter they are converted into banks. The Hon’ble jurisdictional High Court is also in favour of the Assessee. Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Limited [2021 (1) TMI 488 - SUPREME COURT] observed that whether the Assessee is registered as a primary agricultural credit society, it is entitled for the benefit of deduction u/s.80P(2) of the Act, notwithstanding that it was also giving loans to its members which is not related to agriculture. Respectfully considering the judicial observations, it is clear that, in the case of the interest earned from the co-operative bank, it does not come under the consideration of the income from other sources. The said interest is eligible for deduction u/s.80P(2) of the Act. Charges received from the video and still photography - As it is a settled issue as stated by the learned Counsel. Assessee, mentioned that in the assessment years 2012 – 2013 and 2014 – 2015, CIT(A) had allowed the charges received from different parties related to this assessee. Gate collection fee or viewing or the camera charges is the income by way of admission charges are either direct income by way of collective disposal of the labour or attributable to the activities of the society. Though, it is not a disposal of labour but the said income is entering into the income of the co-operative society and ploughs back the amount in the activities of the society. So, the income generated from the camera charges is liable for deduction u/s.80P(2) - Appeal of the Revenue dismissed.
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