Section 80P: Commercial Activity Income Ineligible for Deduction

Jetalpur Seva Sahkari Mandali Limited Vs DCIT (ITAT Ahmedabad) Introduction: The Income Tax Appellate Tribunal (ITAT) Ahmedabad has ruled in the case of Jetalpur Seva Sahkari Mandali Limited Vs DCIT that income derived from commercial activities cannot be claimed as a deduction under Section 80P of the Income Tax Act. Analysis: In this case, the assessee, Jetalpur Seva Sahkari Mandali Limited, claimed deductions under Section 80P for the interest income received from its Petrol Pump branch business. However, the Assessing Officer and the Commissioner of Income Tax (Appeals) denied this claim. ...