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2006 (11) TMI 195 - HC - Income TaxAssessee‘s claim for deduction u/s 80P(2)(a)(i) was rejected by AO on the ground that the activity of the assessee procuring and supplying raw silk and twisted silk on credit to its members cannot be considered as “carrying on the business of banking or providing credit facilities within the meaning of section 80P(2)(a)(i)” – held that co-operative society which is engaged in the marketing of raw silk and twisted silk is eligible for the benefit of section 80P(2)(a)(i) in respect of the interest received from its members for supplying the materials on credit – revenue’s appeal dismissed
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