TMI Blog2010 (4) TMI 916X X X X Extracts X X X X X X X X Extracts X X X X ..... he orders of the Commissioner of Income-tax (Appeals) at Mysore all dated September 30, 2009. The appeals arise out of the assessments completed under section 143(3) of the Income-tax Act, 1961. The assessee-society has raised common grounds for all these three assessment years. The first contention of the assessee is that the assessee is a mutual concern and, therefore, its income is not char ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee is not eligible for deductions under section 80P(2)(a)(iii) and (iv) of the Income-tax Act 1961. The above sub-section provides exemption, in the case of a co-operative society from tax in respect of its income arising from the marketing of agri cultural produce grown by its members and purchase of agricultural implements, seeds, livestock, etc. for agricultural purposes and for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t income earned from fixed deposits and recurring deposits must be allowed as deduction. This aspect has been recently considered by the hon'ble Supreme Court in the case of Totgar's Co-operative Sale Society Ltd. v. ITO [2010] 322 ITR 283 (SC) ; 229 CTR 209. The hon'ble Supreme Court has held that if income arise out of deposits, the same should be brought to tax as "income from other sources". T ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
