operative Sale Society, Sirsi, is entitled to
100% deduction under Section 80P(2)(d) of
the Income Tax Act, 1961 (for short ... deductible from the Gross Total
Income under Section 80P(2)(a)(i) of the
Act, is not applicable to the present
Assessment Years
Section 81 was omitted
and its provisions re-enacted as Section 80P of the 1961 Act.
The relevant extract of Section 80P ... Assam
Cooperatives and held that the word 'of' in Section 80P (2)
(a) (iii) had been too restrictively construed in Assam
Cooperatives
raise important
questions as to deductions that can be claimed under section 80P(2)(a)
(i) of the Income ... these assessees are entitled to such deductions after the introduction
of section 80P(4) of the IT Act by section 19 of the Finance
relate
to exemptions claimed by them with reference to
section 80P(4) of Income Tax Act, 1961;
hereinafter, ' IT Act '. Issues are also ... section
142(1) / 148 for the purpose of deciding exemption
under section 80P of the IT Act. Incidental
issues relating to doubtful debts proportionate
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
circumstances of the case, the assessee was entitled for exemption under Section 80P(2)(a)(i) of the Income Tax Act, 1961 from income from ... Federation claimed exemption from tax on the said amount under Section 80P(2)(a)(i) and (iv) of the Income Tax Act, 1961 (hereinafter referred
income has continuously been held to be eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act,1961 (the Act). That ... interest income per-se was not entitled to deduction under Section 80P(2)(a)(i) of the Act, as not being attributable to Sbusiness
ground that the denial of the benefit of deductions under
Section 80P(2)(a) of the Act to the petitioners, by the
Assessing Officer ... denials, by the Assessing Officers, of the benefit of
deduction under Section 80P(2)(a) to the petitioners is correct
or not.
5. Though
Income-tax Officer disallowed the claim of the assessee under section 80P (2) (a) (iii) of the Income-tax Act. He was of the view ... such the society is not entitled to the exemption under section 80P(2)(a)(iii) . On appeal, the Commissioner (Appeals) held that the assessee would
respect of their income in terms of the scheme envisaged
under section 80P of the Income Tax Act, 1961 (hereafter ... therefore, they
are entitled to seek the benefit of sec.80P thereof; the
learned Panel Counsel for the Revenue per contra contends
that the definition
