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Case Law Details

Case Name : ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin)
Appeal Number : ITA No. 547/Coch/2017
Date of Judgement/Order : 18/09/2018
Related Assessment Year : 2007-2008
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ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin)

The CIT(A) had held rental income received by the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. The relevant finding of the CIT(A) reads as follows:-

“The appellant derived rental income amounting to Rs.24,400/- in A.Y. 2007-08, Rs.21,950/- in A.Y. 2008-09, Rs.16,700/- in A.Y. 2009-10, Rs.28,550/-in A.Y. 2012-13 and Rs.15,200/- in A.Y. 2013-14.

These amounts are not eligible for deduction under section 80P and hence, may be dealt with in accordance with the provisions of Income Tax Act, 1961.”

12.2 The assessee being aggrieved has filed the present appeals before the Tribunal. The learned AR stated that the rental income has been taken as income of the assessee in the returns of income filed. It was submitted by the learned AR that again taxing the rental income is not correct. The learned Departmental Representative present was duly heard.

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