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2023 (5) TMI 270 - ITAT KOLKATADeduction u/s 80P - assessee has claimed deduction of interest from staff welfare fund and interest income from staff loan and also had earned miscellaneous income which represent amounts received from members for giving various services - HELD THAT:- We viewed that income derived from such transactions are eligible for deduction u/s 80P(2)(a)(i) and the interest income earned by the assessee from staff welfare fund and miscellaneous income earned from various services provided to its members are beneficial to the members of the assessee. Therefore, we hold that assessee is eligible for claim deduction u/s 80P(2)(a)(i) - Accordingly, the grounds raised by the assessee are allowed and set aside the order passed by the CIT(A). We also direct the AO to delete the addition made against the assessee in terms of assessment order passed u/s 143(3) of the Act. Appeal of the assessee is allowed.
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