Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 407 - AT - Income TaxDeduction u/s 80P(2)(a)(i) - interest income received by the assessee on investments made with Sub-Treasuries, District Co-operative Banks, Other Banks etc. - assessee's are primary agricultural credit societies, registered under the Kerala Co-operative Societies Act, 1969 - whether interest income received by the assessees on investments with sub-treasuries and banks was liable to be assessed under the head “income from other sources” or “income from business”? - HELD THAT:- In the instant case the assessees had made investments with sub-treasuries, District Co-operative Banks, other Banks in the course of its business of banking / providing credit facilities to its members. Therefore, it was entitled to deduction u/s 80P(2)(a)(i) of the I.T.Act in respect of interest income that was received on such investments . See THE VAVVERU CO-OPERATIVE RURAL BANK LTD. VERSUS THE CHIEF COMMISSIONER OF INCOME TAX, VIJAYAWADA [2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT] - Decided in favour of assessee.
|