Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (4) TMI 282 - AT - Income TaxDeduction u/s 80P - interest income accruing to the assessee on account of investments with scheduled bank - HELD THAT:- We find in assessee’s appeal, the Tribunal [2023 (4) TMI 209 - ITAT BANGALORE] has confirmed the disallowance claimed u/s 80P(2)(d) of the I.T.Act. However, the Tribunal by following the judgment of the Hon’ble jurisdictional High Court in the case of Totgars Co-operative Sale Society Ltd. [2015 (4) TMI 829 - KARNATAKA HIGH COURT] restored the matter to the A.O.Tribunal directed the A.O. to examine whether the assessee had incurred any expenses for earning the said interest income, which was being assessed as income from other sources u/s 56 of the I.T.Act, and if so, such expenditure ought to be allowed as a deduction u/s 57 . Matter restored to the files of the A.O. The A.O. is directed to consider the issue afresh Receipts from e-stamping eligible for deduction u/s 80P - The assessee submits that it had not claimed the receipts from e-stamping as a deduction u/s 80P and therefore, this ground does not survive. We restore the issue raised in ground No.2 to the files of the A.O. A.O. is directed to examine whether the assessee had claimed deduction with respect to the receipts from e-stamping and decide the matter in accordance with law. Benefit of section 80P with regard to credit facilities provided to the nominal members - Tribunal in assessee’s appeal (supra) had restored the matter to the A.O as held in section 80P(2)(a)(i), the assessee is entitled to deduction related interest earned from nominal member. The verification is required related to investment to nominal members as per the activity of the trust in purview of Karnataka Co-op Society Act. Appeal filed by the Revenue is allowed for statistical purposes.
|