2017 (9) TMI 472

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....f law taken by the Department in its appeal u/s 260A filed in the Hon'ble High Court of Mumbai on 12.09.2016. The assessee was not at all entitled for deduction u/s 80P on its enhanced profit. 2. The Appellant prays that the order of the CIT(A) on the above ground be reversed and that of the assessing officer be restored. 2. The brief facts of the case are that the assessee is a cooperative credit society registered under the Maharashtra Co-operative Act, 1960 and is engaged in the business of providing credit facilities to its members. In this case the return of income was filed on 13.08.2010 declaring Nil income. The AO vide order dated 28.03.2013 under section 143(3) determined the total income at Rs. 1,52,65,030/- denying deduction ....

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....f Section 80P. Section 80P(1) allow the deduction to assessee from the gross total income. The expression "gross total income" has been defined under section 80B(5) to mean the total income computed in accordance with the provisions of the Income Tax Act, before making any deduction under Chapter VI-A. The expression "total income" has been defined in section 2(45) of the Act as the total income referred to in section 5, computed in the manner laid down in this Act. Moreover, as per section 29 of the Act, income under the head "Profits and gains of business or profession" are to be computed in accordance with the provisions of Sections 30 to 43D of the Income Tax Act. Since the deduction under section 80P is to be allowed from the gross tot....