1980 (4) TMI 155

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....e Society, which has been assessed in the status of AOP. The appeals relate to the asst. yrs. 1975-76 and 1976-77 for which the respective accounting periods as shown to have been observed by the assessee ended with 30th June 1974 and 30th June, 1975. 2. Since both the appeals emanate from a common consolidated order dt. 6th June, 1978 made by the AAC as of necessity and convenience, we are als....

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....ITO while computing the total income in the case of the assessee has added back/disallowed interest on capital employed in 'Stores branch'. This add back/disallowance has been made from fixed deposit amounting to Rs. 1,27,907 and the interest was payable to members. The disallowance has since been held by the AAC to be unjustified and accordingly he has directed the ITO to delete this addition. ....

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....ven our anxious consideration to the facts of the case and to the submissions made before us by the ld. Deptl. Rep. and find that since the assessee which is a Co-operative Society was engaged in carrying on the business of providing credit facilities to its members, which fact, is found out from the assessment order itself, the AAC has rightly directed and held that s. 80P(2)(a) of the Act applie....