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
Chief Minister‟s Fund
7 Khodki Charges
8 Deduction u/s. 80P(2)(d) on Interest and Dividend
4. Shri Pramod Shingte, the learned Authorized ... hands of other S.S.K. group.
13. Similarly, deduction under section 80P(2)(d) of the Act on interest and
dividend merits
society;
(d) that the intention behind the introduction of section 80P was to boost the co-operative movement in this country, and the purpose ... interest on bank deposit, etc. constituted income exempt under section 80P(2)(a)(i) of the I.T. Act. The decisions of the Madhya Pradesh
society with such cooperative society shall be eligible for
deduction u/s 80P(2)(d) of the Act."
4. It was further submitted that ... Tribunal has
set aside the issue of calculating interest u/s 80P(2)(d) to the CIT(A)
stating that it needs to be determined
Group-II
12.Next is about allowing deduction u/s.80P of the Act.During the assessment proceedings,
the AO held that the society ... violated the principles of mutuality,that the provisions of
section 80P were not applicable to a Co-op.Housing Society,that the assessee had made
erred in confirming the disallowance of deduction under section
80P(2)(d) amounting to Rs. 27,48,553/- in respect of interest
received ... 6547/MUM/2017
Rs.50,000/- under section 80P of the Act. The case of the assessee was
taken up for scrutiny assessment under section
business income and if so it is exempt under Section 80P(2)(a)(i). Section 80P(2)(a)(i) which is relevant for our purposes ... exempted the business income of the assessee under Section 80P(2)(a)(i) and the amount thus exempted was Rs. 15,20,863. The assessee
operative banks involving the point relating to grant of deduction, under Section 80P of the IT Act, 1961.
A. Surat District co-op. Bank ... facts in confirming the disallowance of deduction under Section 80P of the IT Act made by the ITO, Surat, relying on the decision
follow as per law.
4. Next comes the later issue of section 80P(2)(a)(i) deduction disallowance of
Rs.3,23,80,202/- made ... Section 80P(4) is reproduced below:
80P(4) The provisions of this section shall not apply in relation to any co-operative bank other
than
assessees have
raised an alternate ground for allowing deduction u/s.80P in
respect of the addition.
22
SSK Group cases ... decided in
favour of the assessee.
VIII. DEDUCTION u/s.80P ON INTEREST AND DIVIDEND
24. In some of the appeals the issue of deduction
