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2015 (8) TMI 15 - KARNATAKA HIGH COURT

2015 (8) TMI 15 - KARNATAKA HIGH COURT - TMI - Exemption under Section 80P(2)(a)(i) - interest received from investments of its surplus funds made with the members of the Society - whether the interest income received by the appellant from investments/deposits of its surplus fund with the Member Company is exempt from tax on the Principle of Mutuality? - Held that:- As decided TUMKUR MERCHANTS SOUHARDA CREDIT COOPERATIVE LIMITED case [2015 (2) TMI 995 - KARNATAKA HIGH COURT] in the amount which .....

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to be deducted in terms of Section 80P(1) of the Act. - Decided in favour of assessee. - ITA No. 5019/2012 - Dated:- 13-7-2015 - Ravi Malimath And G. Narendar,JJ. For the Appellant : Sri H R Kambiyavar For M/s K R Prasad, Adv. For the Respondent : Sri Y V Raviraj, Adv. JUDGMENT The appellant filed return of income for the assessment year 2007-2008 declaring yearly income after claiming deduction under the 80P(2)(a)(i) of the Income Tax Act, 1961 (for short 'the Act'). During the assessme .....

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reliance on the judgment in I.T.A.No.1568/2005 dated 30.09.2008 in the case of Totgarh Cooperative Sale Society Ltd., Vs. ITO Ward 1, Sirsi. The appellant carried the said order in appeal before the Commissioner of Income Tax (Appeals). The appeal was dismissed. The matter was taken to the Appellate Tribunal. By then, the Hon'ble Supreme Court had passed the judgment in the case of Totgarh Co-operative Sale Society Ltd., Vs. Income Tax Officer which was reported in (2010) 322 ITR 283. The j .....

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ds made with the members of the Society? ii) Whether on the facts and in the circumstances of the case, the interest income received by the appellant from investments/deposits of its surplus fund with the Member Company is exempt from tax on the Principle of Mutuality?" 3. On hearing learned counsels, we are of the view that second substantial questions of law does not arise for consideration and the appeal is restricted only to the first substantial question of law. 4. After arguing the ma .....

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