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2018 (1) TMI 590 - AT - Income TaxEntitled to the benefit of deduction u/s 80P(2) - Held that:- In the instant case, the assessee is a primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The certificate has been issued by the Registrar of Cooperative Societies to the above said effect and the same is on record. The Hon’ble High Court in The Chirakkal Service Co-Operative Bank Ltd. [2016 (4) TMI 826 - KERALA HIGH COURT] had held that primary agricultural credit society, registered under the Kerala Cooperative Societies Act, 1969, is entitled to the benefit of deduction u/s 80P(2). Since there is a certificate issued by the Registrar of Cooperative Societies, stating that the assessee is a primary agricultural credit society, we hold that the assessee is entitled to the benefit of deduction u/s 80P(2) of the Act. Therefore, we see no reason to interfere with the order of the CIT(A) and we uphold the same. It is ordered accordingly. Interest received on FD - whether it is to be assessed as ‘income from other sources’ or ‘income from business’- Held that:- The Cochin Bench of the Tribunal in the case of The Kizhathadiyoor Service Co-operative Bank v. ITO [2016 (7) TMI 1405 - ITAT COCHIN] had held that the investment in treasury / bank and earning interest on the same is part of banking activity and the said income is eligible for deduction u/s 80P
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