Case Law Details
Case Name : The Maharashtra State Co-operative Bank Limited Vs ACIT (ITAT Mumbai)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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RELEVANT PARAGRAPH
8.4. We have heard the arguments put forth by both the sides along with the case law relied upon. Having held above that the interest on income-tax refund does not fall under the head `Profits and gains of business or profession’, it remains to be examined as to whether deduction u/s. 80P is restricted only to the income falling under this head.
The relevant part of section 80P(2)(a)(i) has been set out above, according to which “the whole of the amount of profits and gains of business attributable to any one or more of such activities” shall be deducted un...
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Whether, the exemption U/sec 80P (2) (a)(i) of the Income Tax Act, 1961, is available to a credit co-operative Society register under the Karnataka Societies Registration Act, in respect of income earned by way of extending credit facilities to only its members; please clarify
ya it will will allowed
Can a pathpedi/credit society enjoys benefit of deduction in respect of income earned by way of extending credit facilities to its member, under section 80 P (2) (a) (i) of income tax act 1961?