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2022 (6) TMI 78 - AT - Income TaxDeduction u/s 80P involving nominal members - HELD THAT:- As the issue is found to be no more res integra in light of Mavilayi Service Cooperative Bank Ltd. [2021 (1) TMI 488 - SUPREME COURT] deciding the same against the department. So far as the assessee’s very deduction claim pertaining to interest income derived from deposits in cooperative banks is concerned case law State Bank of India Vs. CIT [2016 (7) TMI 516 - GUJARAT HIGH COURT] and CIT Vs. Totagars Cooperative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] holds that such an income also is eligible for the impugned claim. This second issue also goes against the department. Next comes the assessee’s reliance on CBDT Circular No.37/2016 that TDS and NPA provisions respectively deserves to be considered as eligible for deduction since enhancing the business profits only. This issue, in my considered opinion, deserves to be restored back to the AO for his fresh adjudication in light of the aforementioned CBDT Circular.
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