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2016 (12) TMI 561 - PUNJAB & HARYANA HIGH COURT

2016 (12) TMI 561 - PUNJAB & HARYANA HIGH COURT - TMI - Computing the deduction u/s 80P(2)(a)(i) - Proportionate disallowance made u/s 43B - Held that:- The Tribunal noted that the taxable income of about ₹ 94 lacs was mainly from capital gain, but that there were no facts available to ascertain how much money was borrowed for the purpose of acquiring the capital assets. It is, therefore, not possible to separately work out the amount of interest payable under Section 43B of the Act in res .....

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ted. 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 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 .....

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F JUSTICE AND MR. JUSTICE DEEPAK SIBAL Mr. M.R. Sharma, Advocate, for the appellant. Ms. Urvashi Dhugga, Advocate, for the respondent JUDGEMENT S.J. VAZIFDAR, C.J. (ORAL) This is an appeal against the order of the Income Tax Appellate Tribunal dismissing the appellant/assessee s appeal against the order of the Commissioner of Income Tax (Appeals) which in turn had only partly allowed the appellant s appeal against the assessment order. The matter pertains to the assessment year 2009-2010. 2. Acc .....

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ibutable 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 gros .....

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the learned Income Tax Appellate Tribunal grossly erred in upholding the order of the Commissioner of Income Tax (Appeals) holding income as business income instead of income from long term capital gain as claimed by the appellant being the income as profits on the sale of old properties as long term capital gain and thereby disallowing the necessary deductions u/s 48 and applying special rate of tax thereof? (vi) Whether in the facts and in the circumstances of the case the learned Income Tax A .....

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w of the judgement of a Division Bench 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 ͅ .....

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interest, which pertains to the income eligible for deduction under this section. As it will not be possible to separately work out the amount of interest payable u/s 43B in respect of the income eligible for deduction u/s 80P(2)(a)(i) and incomes not so eligible; the Assessing Officer is directed to restrict the disallowance of interest payable u/s 43B of the Act on proportionate basis only in respect of income, which is not eligible for deduction u/s 80P(2)(a)(i) of the Act. Ground of appeal N .....

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