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2008 (3) TMI 321 - HC - Income TaxDeduction / exemption u/s 80P(2)(a)(i) - interest on bank deposit is not ancillary and incidental to carrying on of the business of providing credit facility to its members – held that - a sum of Rs. 15,98,592 received by way of interest on bank deposit is ancillary and incidental to carrying out the business of providing credit facility to its members, and, as such, exempt under section 80P(2)(a)(i) of the Act - the Tribunal was not correct in remitting the case back to the Assessing Officer for fresh computation of income in the face of the income of the assessee being exempt from tax
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