TMI Blog2016 (12) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... not that the authorities have refused the appellant the proportionate benefit of a deduction under Section 80P(2)(a)(i). What is done is that the Assessing Officer has been directed to restrict the disallowance of interest payable under Section 43B on a proportionate basis. The deduction is only to the extent specified in sub section (2) thereof.The order of remand in this regard cannot be faulted. It does not raise a substantial question of law. Income from sale of property - income from business and profession or capital gain - Held that:- CIT (Appeals) and the Tribunal rightly upheld the assessment order for more than one reason. The appellant’s objects, inter alia, are to grant loans to its members for constructing houses as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Appellate Tribunal is right in law in holding that the income earned from banks other than cooperative banks as interest on its bank accounts as income from other sources being attributable to its business income and thereby not allowing deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961? (iii) Whether in the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal is correct in law in upholding the expenses of 1% of income attributable to the earning of interest income under the provision of Section 57(iii) of the Income Tax Act, 1961? (iv) Whether in the facts and circumstances of the case the learned Income Tax Appellate Tribunal has grossly erred in upholding the order of the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch of this Court dated 10.05.2016 in ITA-17-2016 titled as The Punjab State Cooperative Federation of House Building Societies Ltd., Chandigarh Vs Commissioner of Income Tax-II, Chandigarh and another. Questions (ii) and (iii) are, therefore, decided against the appellant. 5. Re: question (iv) The Assessing Officer had disallowed certain expenses claimed by the appellant to be business expenses. The Assessing Officer, therefore, disallowed a sum of about ₹ 6.86 crores under Section 43B of the Income Tax Act, 1961 (in short the Act). The CIT (Appeals) granted partial relief in the following manner:- 4.3 I have considered the submission of Ld. Counsel. In the case of the appellant, the entire interest payable does not pertain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to the extent specified in sub section (2) thereof. 7. The learned counsel appearing on behalf of the appellant states that the Assessing Officer has not computed the same correctly. In that event, it is for the appellant to challenge the same separately. 8. The order of remand in this regard cannot be faulted. It does not raise a substantial question of law. 9. Re: Question (v) The CIT (Appeals) and the Tribunal rightly upheld the assessment order for more than one reason. The appellant s objects, inter alia, are to grant loans to its members for constructing houses as well as to build housing complexes and to sell the units therein. All the authorities under the Act have found as a question of fact that the appellant had cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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