2013 (8) TMI 949

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.... the deduction u/s. 80P(2)(a)(i) of the Act which is available for income earned from 'business and profession' and not from 'income from other source'? 2. Whether on the facts and circumstances of the case, the CIT(A) is correct in holding that the assessee was eligible for deduction u/s. 80P(2)(d) even though, assessee has not claimed the same deduction in the return of income? 2. The briefly stated facts are as under. The assessee is a cooperative society providing credit facilities to its members. The short issue in controversy is whether the Assessing Officer was justified in disallowing the amount of Rs. 88,34,000/- which was in respect of interest received from Aurangabad District Central Co-operative Bank (ADCCB) for the perio....

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....the society before the Hon'ble Supreme Court was providing market facilities to its farmer members and the activity of the society was limited in respect of farmer members. The Ld. CIT(A) held that activity of the assessee credit society is at par with the activity of the banking and hence, assessee entitled for deduction u/s. 80P(2)(i) of the Act. The Ld. CIT(A) further held that the interest received from the Aurangabad District Central Co-operative Bank is also allowable deduction u/s. 80P(2)(d). Now the revenue is in appeal before us. 4. We have heard the Ld. DR. None was present for the assessee. We have also perused the order of the authorities below. In our opinion so far as the amount of interest received on the deposit with ....