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2021 (9) TMI 624 - AT - Income TaxDeduction u/s 80P - deductibility of expenditure incurred for the business of a cooperative society in relation to the amount of profits and gains attributable to the activities specified u/s 80P(2) - AO found that the assessee has dealt in a number of commodities and that the common expenses relating to all the activities have been amalgamated in such a manner that the expenses relating to all the activities specified u/s 80P(2) cannot easily be ascertained - HELD THAT:- We note that business of the assessee-society under consideration is one and indivisible and in pursuing various activities, the expenditure incurred wholly and exclusively for the purpose of the business, irrespective of the fact that the income from one or more parts of the activities was not liable to tax, was allowable in entirety and could not be apportioned and attributed towards the claim u/s 80P(2) - As we have noted that the issue is squarely covered in favour of the assessee by the decision in the case of Jamnagar Jilla Shakari Kharid Vechan Sangh Ltd [2005 (12) TMI 65 - GUJARAT HIGH COURT] and there is no change in facts and law and the Revenue is unable to produce any material to controvert the aforesaid findings of the Hon`ble Court (supra). Therefore, respectfully following the binding judgment of the Hon`ble High Court of Gujarat (supra), we allow the appeal of the assessee.
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