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2016 (7) TMI 739 - AT - Income TaxEntitlement for exemption under section 80P(2)(a)(i) - Held that:- The assessee is a cooperative society. It has earned interest of ₹ 55,42,074/- in addition to the interest earned on loans and advances made to its members. The alleged interest was earned on fixed deposits with commercial banks and others. The ld.AO denied the benefit under section 80P(2)(a)(i) of this interest income. In view of the decision of the Co-ordinate Bench in the Asstt.Year 2009-10, the assessee is entitled for exemption under section 80P(2)(a)(i) of the Income Tax on this income also. The ld.CIT(A) has rightly granted the deduction, and no interference in the order of the ld.CIT(A) on this issue is called for, and the appeal of the Revenue is dismissed. - Decided in favour of assesssee
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