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2020 (10) TMI 650 - AT - Income TaxDenial of deduction claimed u/s. 80P(2)(a)(i) - profits earned by the appellant from the business of providing credit facilities to its members - assessee’s claim denied of expenses incurred for earning the interest income/dividend income and allowed only an ad hoc deduction of 10% of such income without any basis, as expenses for earning interest income and dividend income - HELD THAT:- The assessee is having nominal members and having nominal members in the Co-operative Society does not disentitle the assessee for getting exemption u/s. 80P. The issue is covered by the above orders of the Co-ordinate Bench relied M/S. KODAVOOR VYAVASAYA SEVA SAHAKARI SANGHA NIYAMITHA [2019 (8) TMI 1269 - ITAT BANGALORE] and is required to be re-adjudicated by the Assessing Officer after considering the above decisions. Accordingly, remit this issue to the file of the Assessing Officer for fresh consideration on similar directions. Thus, this ground of appeal of the assessee is partly allowed for statistical purposes.
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