assessee claimed deduction under s. 80P of the I.T. Act, 1961, in respect of interest income from securities and in respect of amounts received ... assessee that the interest on securities is exempt under s. 80P for all the three years should be upheld. With regard to the claim
Tribunal was right in law in holding that the deduction under section 80P should be allowed before set off of unadsorbed loss and unabsorbed depreciation ... that, after computation of the business income, the relief available under s. 80P had to be given before setting off the carry forward losses
there assessment year 1974-75 is exempt under section 80P(2) (a) (iv) of there Income-tax Act, 1961 ?"
"Whether, on there facts ... there assessment year 1975-76, is exempt under section 80P(2) (a) (iv) of there Income-tax Act, 1961 ?
There assessee in the is case
banking and providing credit facilities to its members, claimed deduction under Section 80P (2) of the Income Tax Act. The assessee society is registered under ... income and dividend income have come under the taxable income under Section 80P (2)(a)(i) & (d) of the Income
right and justified in allowing the claim of deduction u/s 80P to assessee on the basis of a decision in the case ... Appellate Tribunal is justified and correct in granting deduction u/s 80P to assessee after coming to conclusion that assessee is co-operative society carrying
activity of providing credit facilities should be deducted under section 80P(1) and (2) (a) (i) of the Act. The Income-tax Officer took ... members in its business and, therefore, the claim for deduction under section 80P(1) and (2) (a) (i) of the Act was not in order
Government of Tamil Nadu is not capable of
deduction under Section 80P(2) of the Income Tax
Act, 1961?”
4. The assessee ... that the income
arising therefrom was not allowable as deduction under Section 80P(2)(a) of
the IT Act. But, the Assessing Officer included this
that the income
arising therefrom was not allowable as deduction
under Section 80P(2)(a) of the IT Act. But, the
Assessing Officer included this ... income for
consideration in the overall deduction allowable under
Section 80P(2)(c)(ii) of the IT Act amounting to
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holding that the appellant is not
entitled for deduction under Section 80P ?''
2. Heard N.V.Balaji, learned counsel appearing for the appellant ... question was whether the assessee was entitled to deduction under Section
80P(2)(a)(i) of the Act, as the activity carried
circumstances of the case and having regard to the provisions of S. 80P(2)(a)(iv) of the IT Act, 1961 the Tribunal was right ... making assessment had exempted these income by applying the provisions of S. 80P(2)(a)(iv) of the Act. However on the scrutiny
