Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
The ITAT allowed the Assessee's claim for deduction under section 80P(2)(a)(i) in respect of income derived from loans extended to its members/nominal members, notwithstanding that such loans were not directly related to agricultural operations. The Tribunal held the issue to be settled by binding Supreme Court precedent, concluding that the Assessing Officer erred in denying the deduction. The AO was directed to grant the deduction as claimed, thereby reducing the Assessee's taxable income accordingly. The decision affirms that a primary agricultural credit society may avail section 80P(2)(a)(i) relief for member-derived income on the facts before the Tribunal.
The ITAT allowed the Assessee's claim for deduction under section 80P(2)(a)(i) in respect of income derived from loans extended to its members/nominal members, notwithstanding that such loans were not directly related to agricultural operations. The Tribunal held the issue to be settled by binding Supreme Court precedent, concluding that the Assessing Officer erred in denying the deduction. The AO was directed to grant the deduction as claimed, thereby reducing the Assessee's taxable income accordingly. The decision affirms that a primary agricultural credit society may avail section 80P(2)(a)(i) relief for member-derived income on the facts before the Tribunal.
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