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Income Tax Officer-27 (3) (5) Versus M/s. Yashomandir Sahakari Patpedhi Limited

2017 (9) TMI 472 - ITAT MUMBAI

Deduction u/s 80P on the enhanced profit - “gross total income” - Held that:- The income which has been computed by the AO after making certain additions/disallowances has to be taken as eligible for deduction under section 80P(2)(a)(i) if it complies the conditions stipulated therein. - Somewhat similar issue has been decided in the case of M/s. S.B. Builders & Developers vs. Income Tax Officer[2010 (5) TMI 686 - ITAT MUMBAI] wherein decided similar issue in the context of deduction under .....

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eld that profit “derived” for the purposes of section 80- IB(10) would mean profit as computed in the manner laid down in the Act, i.e. as per the provisions of Section 30 to 43D. - Decided against revenue - ITA No. 3939 /Mum/2017 - Dated:- 4-9-2017 - Shri P K Bansal, Vice President And Shri Pawan Singh, Judicial Member Appellant by : Shri V. Vidhyadhar Respondent by : Shri V.G. Ginde ORDER Per Bench This appeal has been filed by the Revenue against the order of the CIT(A)-25, Mumbai dated 06.03 .....

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rder of the CIT(A) on the above ground be reversed and that of the assessing officer be restored. 2. The brief facts of the case are that the assessee is a cooperative credit society registered under the Maharashtra Co-operative Act, 1960 and is engaged in the business of providing credit facilities to its members. In this case the return of income was filed on 13.08.2010 declaring Nil income. The AO vide order dated 28.03.2013 under section 143(3) determined the total income at ₹ 1,52,65, .....

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eby he had held certain receipts as income from other sources not eligible for deduction under section 80P(2). While giving effect to the CIT(A) s appeal order under section 143 r.w.s. 250 of the Income Tax Act the AO allowed the deduction under section 80P with reference to business income as per the return of income filed in accordance with assessee s business income. Hence the income was determined after taking the disallowance at ₹ 1,08,93,180/- and the assessee went in appeal claiming .....

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also gone through the provisions of Section 80P. Section 80P(1) allow the deduction to assessee from the gross total income. The expression gross total income has been defined under section 80B(5) to mean the total income computed in accordance with the provisions of the Income Tax Act, before making any deduction under Chapter VI-A. The expression total income has been defined in section 2(45) of the Act as the total income referred to in section 5, computed in the manner laid down in this Act. .....

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f certain incomes , and therefore for the purpose of making deduction under section 80P, the profits as computed under the provisions of the Act shall alone be deemed to be the income received from the activity specified in section 80P(2)(a)(i) and included in the gross total income from which the deduction under section 80P(1) is to be allowed. Thus, it is only the finally assessed business income had to be considered for the purpose of allowing deduction under section 80P(2)(a)(i), notwithstan .....

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