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2021 (3) TMI 43 - AT - Income TaxDeduction u/s. 80P(2)(a)(i) - HELD THAT:- Since the facts prevailing in the instant case needs to be examined afresh in the light of the principles enunciated by Hon Tale Supreme Court in THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS. VERSUS COMMISSIONER OF INCOME TAX, CALICUT & ANR. [2021 (1) TMI 488 - SUPREME COURT][2021 (1) TMI 488 - SUPREME COURT] we are of the view that the issue of deduction u/s. 80P(2)(a)(i) of the Act requires fresh examination at the end of the A.O. Accordingly, we set aside the order passed by Ld. CIT(A) on this issue and restore the same to the file of the A.O. for examining it afresh as discussed above. Deduction claimed u/s. 80P(2)(d) in respect of interest income earned from fixed deposits kept with co-operative bank - HELD THAT:- We modify the order passed by Ld. CIT(A) and direct the A.O. to allow deduction of proportionate cost, administrative and other expenses from the interest income earned from bank deposits assessed under the head "income from other sources". Applicability of TDS provisions on interest income paid to non-regular members - While considering the issue of deduction claimed u/s. 80P(2)(a)(i) of the Act, definition of the term "member" given in section 80P(2)(a)(i) of the Act has to be understood in the light of definition of that expression as contained in the concerned co-operative societies Act. Hence this issue also requires fresh examination as the definition of the term "member" has to be examined as per the definition given in the concerned Cooperative societies Act. Accordingly, we set aside the order passed by Ld. CIT(A) on this issue and restore the same to the file of the AO for examining it afresh.
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