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2019 (6) TMI 1703 - AT - Income TaxDisallowing deduction claimed u/s 80P/80P(2)(d) - interest income on FDR(s) with Kota Nagrik Sehkari Bank Ltd. and others - HELD THAT:- As interest earned on the deposits of the assessee’s own fund made in the banks is eligible for deduction u/s 80P(2)(a) being the said income is attributable to the business activity of the assessee. Though there are divergent views on this issue, however, by following the decision of Rajasthan Rajya Sahakari Kray Vikray Sangh Ltd [2016 (9) TMI 1385 - RAJASTHAN HIGH COURT] as well as the decision of Totagars Cooperative Sale Society [2010 (2) TMI 3 - SUPREME COURT] we decide this issue in favour of the assessee and allow the deduction under section 80P/80P(2)(d) in respect of interest earned on deposits made with the banks/cooperative banks - Decided in favour of assessee.
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