Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1545 - AT - Income TaxDeduction u/s 80P(2)(d) - interest received on investments with sub-treasuries and co-operative banks - Held that:- deduction of interest receipts from the total income that are received on investment made with co-operative societies and not to co-operative banks - thus interest cannot be allowed as a deduction u/s 80P(2)(d) - decided against the assessee. Deduction u/s 80P(2)(a)(i) - Held that: - In order to get the benefit of section 80P(2)(a)(i), the assessee has to prove that the investments with sub treasuries and co-operative banks are done in the normal course of its business of providing credit facilities to its members - in the interest of justice and equity, the matter is restored to the A.O. for fresh consideration - appeal allowed for statistical purposes.
|