TaxTMI 
TaxTMI 
2000 (12) TMI 39
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Rs. I. Income from house property 4,69,532 11. Business income: (a) From fertiliser section as returned by the assessee (eligible for deduction under section 80P) &nbs....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... --------- Net income from business 14,63,135 --------- Income from other sources was summarised as ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....bsp; 6. Interest from Arcanut Co-operative Society 5,000 7. Miscellaneous receipts 9,971 -------- &nbs....
X X X X Extracts X X X X
X X X X Extracts X X X X
....; 14,63,135 Income from other sources 8,82,896 Income from house property 4,69,532 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....p; 16,06,690 (ii) on pesticide trading section 9,40,038 Deduction under section 80P(2)(d) 5,27,829 --------- 30,74,517 &....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s was determined at Rs. 14,63,135. The assessee was found eligible for deduction under section 80P(2)(d) of Rs. 5,27,829. On this working the Tribunal determined the allowable deduction under section 80P at Rs. 19,91,961 out of the gross total income. The Assessing Officer was accordingly directed to compute the taxable income. The assessee filed an application under section 256(l) before the Tribunal requesting it to refer the following two questions of law to this court for its opinion along with the statement of case : "l. Whether, on the facts, the Tribunal was right in holding that the relief under section 80P(2) of the Act was to be quantified only after the loss out of other business units was set off ? 2. Whether, on the facts, the Tribunal was justified in not holding that the quantification of the relief under section 80P(2) of the Act was with reference to the profit of each of the units belonging to the applicant to which the provisions of section 80P attracted ?" The Tribunal on being satisfied that the two questions claimed by the assessee did arise from the order of the Tribunal referred the aforesaid two questions of law to this court for its opinion alo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ions, the amount of income of that nature as computed in accordance with the provisions of the Act alone would be deemed to be the income of that nature. Section 80P has been introduced in Chapter VI-A with a view to encourage and promote the growth of the cooperative sector in the economic life of the country and in pursuance of the declared policy of the Government. The assessee had claimed exemption under sections 80P(2)(a) and 80P(2)(d). An extract of the relevant provisions of section 80P is reproduced as below: "80P. (1) Where, in the case of an assessee being a cooperative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. (2) The sums referred to in sub--section (1) shall be the fallowing' namely : (a) in the case of a cooperative society engaged in- . . (iv) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or ... (d) in respect of any income by way ....