action of the CIT(Appeals) in allowing deduction u/s. 80P(2)(a)(i) of the Act
in respect of profits derived by it from ... that the
assessee is a cooperative bank. By virtue of section 80P(4) of the Act, the
assessee's income claimed as exempt
Store and earning interest on
deposits. The assessee claimed deduction u/s 80P(2)(d) of the Act.
The assessee claimed deduction ... banking and, therefore, regarded as Cooperative banks.
Since as per sec. 80P(4) of the Act to provision of sec. 80P
Income-tax [Appeals] failed to appreciate
that the provisions of section 80P of the Act allows "the whole of the
amount of profits ... raised but they all relate to the claim of deduction
under section 80P(2) of the Income Tax Act (hereinafter called
assessee urged that the income from cold storage was exempt under Section 80P of the Income ... accept this contention. He held that exemption under Section 80P is allowable in respect of income derived by the society from letting of godowns
under the head Income from business
denying the deduction u/s 80P(2)(a)(i) of the Income Tax Act,
1961 to that extent with ... upholding
impugned order of the Assessing Officer denying the deduction
u/s 80P(2)(a)(i) of the Income Tax Act, 1961 to the extent
deduction of an amount of Rs. 6,89,167/- u/s.80P(2)(d) of the
Act on the fact and circumstances of the case ... income after claiming deduction of
Rs.50,18,018 u/s 80P(2)(a)(i) of the I.T.Act. The assessment
was selected
raised in the grounds relate to the claim of deduction u/s
80P(2)(a)(i) and 80P ... after claiming deduction of Rs.1,06,78,048 u/s 80P(2)(a)(i) of
2
ITA No.1207/Bang/2019
M/s.Uppinangady
total income of Rs.54,07,562 after claiming deduction under
Section 80P(2) of the Act of Rs.53,38,391 and disclosed total ... Registrar of Co-
operative Socities, Kundapura. The assessee claimed deduction
under Section 80P(2)(a)(i) of the Act in respect of income from
Income-tax [Appeals] failed to appreciate
that the provisions of section 80P of the Act allows "the whole of the
amount of profits ... raised but they all relate to the claim of deduction
under section 80P(2) of the Income Tax Act (hereinafter called
assessee as ineligible to claim deduction
claimed under section 80P(2)(a)(i) of the
Income Tax Act, 1961.
Because, the learned lower authorities
have ... erred in denying the deduction
3. -
claimed under section 80P(2)(a)(i) of
Income Tax Act, 1961.
The assessee craves leave to add / alter
