https://www.taxtmi.com/caselaws?id=411019 The Tribunal held that a Co-operative society was not entitled to deduction u/s 80P(2)(a)(i) for profits from mutual funds sales as it did not operate for its intended purpose. Income from mutual funds was categorized as capital gains, not business income. Interest from FDRs with nationalized banks was deemed 'Income from other sources'. The Tribunal allowed set off of losses against mutual fund income and deleted a penalty imposed under section 271(1)(c) for inaccurate income particulars. The Tribunal partially allowed quantum assessment appeals for A.Ys. 2007-08 and 2008-09 and dismissed the penalty appeal for A.Y. 2008-09. en-us Thu, 13 May 2021 00:00:00 +0530 Sun, 15 Aug 2021 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411019 The Tribunal held that a Co-operative society was not entitled to deduction u/s 80P(2)(a)(i) for profits from mutual funds sales as it did not operate for its intended purpose. Income from mutual funds was categorized as capital gains, not business income. Interest from FDRs with nationalized banks was deemed 'Income from other sources'. The Tribunal allowed set off of losses against mutual fund income and deleted a penalty imposed under section 271(1)(c) for inaccurate income particulars. The Tribunal partially allowed quantum assessment appeals for A.Ys. 2007-08 and 2008-09 and dismissed the penalty appeal for A.Y. 2008-09. Case-Laws Income Tax Thu, 13 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411019