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2017 (6) TMI 438 - ITAT BANGALOREDeduction under section 80P - income by way of interest earned from its members on the loan advanced to them - Held that:- The assessee is a cooperative society registered under cooperative societies Act which claimed deduction under section 80P on an income by way of interest earned from its members on the loan advanced to them. The AO denied the deduction under section 80P(2)(a)(i) of the Act claimed by the assessee on the ground that the assessee is engaged in banking activities. But the CIT(A) re-examined the claim of the assessee and was of the view that the assessee’s income earned in the course of providing credit facilities to its members is eligible for deduction under section 80P(2)(a)(i) of the Act. During the course of hearing, the learned DR could not specifically point out any specific defect in the order of the CIT(A). Since the CIT(A) decided the issue following the judgment of Hon’ble jurisdictional High Court, find no infirmity therein - Decided against revenue
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