https://www.taxtmi.com/caselaws?id=414269 The Appellate Tribunal ruled in favor of the cooperative society, directing the Assessing Officer to consider only the net profit, not the gross profit, as taxable income from the sale of Ghee. Additionally, the Tribunal allowed the deduction of Rs. 50,000 under section 80P(2)(c)(ii) of the Income Tax Act, emphasizing that activities like trading in Ghee could qualify for the specific deduction claimed. This judgment clarifies the treatment of gross profit and eligibility for deductions, ensuring fair assessment practices and compliance with legal provisions. en-us Thu, 28 Oct 2021 00:00:00 +0530 Mon, 01 Nov 2021 07:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414269 The Appellate Tribunal ruled in favor of the cooperative society, directing the Assessing Officer to consider only the net profit, not the gross profit, as taxable income from the sale of Ghee. Additionally, the Tribunal allowed the deduction of Rs. 50,000 under section 80P(2)(c)(ii) of the Income Tax Act, emphasizing that activities like trading in Ghee could qualify for the specific deduction claimed. This judgment clarifies the treatment of gross profit and eligibility for deductions, ensuring fair assessment practices and compliance with legal provisions. Case-Laws Income Tax Thu, 28 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414269