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1 - 10 of 23 (0.31 seconds)Section 147 in The Income Tax Act, 1961 [Entire Act]
Ajmer Zila Dugdh Utpadak Sahkari Sangh ... vs Acit, Ajmer on 19 May, 2017
8. However, in the aforesaid decision, on the related issue of
whether deduction u/s 80P(2)(d) should be allowed on gross
interest income on FDR on or net interest income calculating after
deducting the interest expenditure, the Coordinate Bench has
relied on the Hon'ble Gujarat High Court decision in case of Surat
Vankar Sahakari Sangh Ltd vs ACIT (supra) and the decision of the
Hon'ble Rajsthan High Court in case of Rajasthan Rajya Sahkari
Upbhokta Sangh Ltd (supra) which has been brought to our notice
by the ld. CIT DR was not considered and being the decision of the
Jurisdictional High Court, the same is binding on the Tribunal and
therefore, to this extent the decision rendered by the Co-ordinate
Bench for earlier years stand distinguishable.
Section 80AB in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Rajasthan Rajya Sahkari Upbhokta Sangh ... on 12 January, 1995
8. However, in the aforesaid decision, on the related issue of
whether deduction u/s 80P(2)(d) should be allowed on gross
interest income on FDR on or net interest income calculating after
deducting the interest expenditure, the Coordinate Bench has
relied on the Hon'ble Gujarat High Court decision in case of Surat
Vankar Sahakari Sangh Ltd vs ACIT (supra) and the decision of the
Hon'ble Rajsthan High Court in case of Rajasthan Rajya Sahkari
Upbhokta Sangh Ltd (supra) which has been brought to our notice
by the ld. CIT DR was not considered and being the decision of the
Jurisdictional High Court, the same is binding on the Tribunal and
therefore, to this extent the decision rendered by the Co-ordinate
Bench for earlier years stand distinguishable.
Section 80 in The Income Tax Act, 1961 [Entire Act]
Cloth Traders (P) Ltd., Etc vs Addl. Commr. Of Income Tax, ... on 4 May, 1979
Ltd. v. Addl
CIT [1979] 118 ITR 243 (SC), which was overruled by the
Apex Court in the case of Distributors (Baroda) (P.)
Mafatlal Industries Ltd. And Ors. vs Union Of India (Uoi) And Ors. on 19 December, 1996
Ltd. v. Union of India [1985] 155 ITR 120.
Commissioner Of Income-Tax vs Loonkar Tools Pvt. Ltd., Jodhpur Cables ... on 21 July, 1994
8. The legal proposition thus laid down by the Hon'ble High
Court is that the income exempted under section 80P(2) has to be
arrived at separately in order to determine the income under
section 80P(2) and it can never be envisaged that the total income
which has been so received could be allowed without deducting
the expenditure incurred in earning the income. In light of the
same, the deduction u/s 80P(2)(d) can be allowed only on the net
receipt after deducting the expenditure incurred for earning
exempt income. Therefore, in the instant case, it needs to be
determined whether the assessee has incurred any interest
expenditure in earning the interest income.
Acit, Cir.-7(2)(2), Mumbai vs National Stock Exchange Of India Ltd., ... on 3 October, 2018
31. We therefore find that in its latest decision rendered on 4.03.2020,
the Coordinate Bench has followed the dictum laid down by the Hon'ble
Jurisdictional High Court, however, in earlier two decisions rendered on
2.09.2019 as well as 30.09.2019, the dictum laid down by the Hon'ble
Jurisdictional High Court has not been followed which is clearly a mistake
apparent from record rectifiable under section 254(2) of the Act and
reference can be drawn to the decision of Hon'ble Supreme Court in case
of ACIT vs Saurashtra Kutch Stock Exchange Ltd [2008] 305 ITR
30 M.A. Nos. 63, 64 & 65/JP/2020
DCIT, Jaipur vs. M/s Jaipur Zila Dugdh Utpadak Sahkari Sangh Ltd Jaipur
227(SC).