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2023 (3) TMI 1046 - AT - Income TaxDeduction u/s 80P - interest earned on deposits and saving bank accounts with Nationalized Banks & Cooperative banks - HELD THAT:- AO in Assessment Order has not pointed out as to why the disallowance u/s 80P was made in assessee’s case. CIT-A’s order is also reproduced the submissions as well as the decisions relied upon by the assessee. It is pertinent to note that in the present assessee’s case it is a Cooperative Society deriving interest from the member cooperative society and therefore, coming under the purview of Section 80P (2)(d) - assessee is entitled for deduction under Section 80P, the CIT(A) as well as the Assessing Officer has ignored this fact. Appeal of the assessee is allowed.
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