Tribunal is correct in
allowing deduction under section 80P(2)(a)(i)
to assessee's society even though same is
Page ... TAXAP/442/2013 ORDER
covered under section 80P(4) rws 2(24) (viia)
being income from providing credit facilities
carried on by a co-operative
income for the assessment year
2007-08 claiming deduction under Section 80P(2)(a)(i)
amounting to Rs.2,04,03,878/- (Rupees Two Crore ... Nirani Cements Limited. However, the Assessing Officer
allowed deduction under Section 80P(2)(a)(i) to the
extent of Rs.1,93,73,000/- (Rupees
justified
in holding the assessee entitled to claim deduction under
section 80P (2) ?"
[B] "Whether in law and on facts, the ITAT ... holding that the assessee is not covered within the
purview of Section 80P (4) of the Act ?"
Page 1 of 5
O/TAXAP/1150
declining to extend the benefit of
deduction under Section 80P(2)(a)(i) of the Act.
2. The crux of the matter lies ... benefit of deduction in
respect of its income under Section
80P(2)(a)(i) of the Act regard being
had to Section 80P
from the fixed deposits did not qualify for the
exemption under Section 80P(2)(a)(i) of the Income Tax Act, 1961
(„Act‟, for short ... have no application
in determining exemption under Section 80P or in determining whether
interest income was taxable under the head "income from business
justified in holding the assessee entitled to claim
deduction under section 80P (2) ?"
[B] "Whether in law and on facts, the ITAT ... holding that the assessee is not covered
within the purview of Section 80P (4) of the Act ?"
The issue pertains to deduction under section
filed by the societies, they claimed
the benefit of deduction under section 80P (2) (a)
(vi) of the Income Tax Act . Denying that claim ... collective disposal of labour of its
members as contemplated under section 80P (2) (a)
(vi) of the Act and therefore, ineligible for
deduction under section
question arises in the light of the assessee claiming
benefits under Section 80P of the Income-tax Act. Once a
claim is made under Section ... 80P , necessarily the assessing
officer has to consider the implication of Section 80P(4)
with reference to such claim depending upon the nature of
transactions
Tribunal, wherein it is held that sub-
section (4) of Section 80P of the Income Tax Act, 1961 is
applicable only to co-operative banks ... order directing the
assessing officer to grant deduction under
Section 80P(2)(a)(i) of the Act of
Rs.70,58,624/- for assessment year
revenue against the
order passed by the Tribunal granting deduction under
Section 80P of the Income Tax Act, 1961 (for short ... right in holding that assessee
is entitled for deduction under Section 80P
ignoring provisions of Section 80P(4) read
with Section 2(24)(viia) introduced
