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
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
Court by means of the present appeal seeking the benefit
of Section 80P of the Income Tax Act, 1961 (hereinafter referred ... respect of
Signature Not Verified income of co-operative societies under Section 80P of the Act is not
Digitally signed by
NEELAM GULATI
admissible
holding that additions made in case of Assessee claiming deduction u/s 80P is revenue neutral in all situations, which is not in consonance with ... erred in holding that Assessee is eligible for deduction u/s 80P(2) of Act, 1961 while relying on High Court's earlier order
After claiming a deduction of
Rs.4,09,34,404/- under Section 80P of the Income Tax
Act, ('the Act' for short), along ... returns, the Assessing
Officer disallowed the claim of deduction under Section
80P(2)(d) of the Act, to the extent
public apart from its
regular members is entitled for deduction under
Section 80P(2) (a) (i) of the Income Tax Act, 1961
considering ... 10245 of 2017 dated 08.08.2017 on the
availability of deduction under Section 80P(2)(a)(i)
of the Income Tax Act, 1961?
2. The respondent
held that the
exemption under section 80P(2)(a)(iii), was
not restricted only to primary societies and
that "produce of its members ... member
society. Immediately thereafter, in 1999 the
provisions of section 80P(2)(a)(iii), were
amended by the Income-tax (Second
Amendment
scrutiny and thereafter the
assessment was concluded disallowing the deduction
under Section 80P(2)(a)(i) of the Act. Being aggrieved, the
assessee preferred ... under challenge
suffer from infirmities so far as denying
exemption u/s 80P(2)(a)(i) of the IT Act,
1961?
ii) Whether the Tribunal
claimed that it is
not a bank within the meaning of Section 80P(4) of the
Income Tax Act, 1961.
4. The appellant filed ... declaring
nil income after claiming deduction under Section 80P(2) ,
on the ground that it was running on the principle of
mutuality, dealing only with
case in allowing the deduction of the assessee
society under Section 80P(2)(d) of the Act,
when the facts clearly established the BDCC
Bank ... BDCC Bank is not
entitled for claim of deduction under Section
80P(2)(d) ?"
2. The assessee-respondent is a co-operative
society engaged
