1995 (9) TMI 61

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....s is allowable as an exemption though it was with the aid of power ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the claim of the assessee though not admissible within the provisions of section 80P(2)(a)(v), but is admissible under section 80P(2)(a)(iii) ? (iii) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting interest under section 217? (iv) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting interest under section 217? (v) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Assessing Officer to verify the claim and to....

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....ts and gains of business attributable to such activities from the assessable income under section 80P(2) of the Act. The Assessing Officer negatived this claim on the ground that section 80P(2)(a)(v) can be invoked only where the processing is done without the aid of power and since processing is done by the assessee with the aid of power, deductions cannot be granted. The appellate authority and the Tribunal took the view that deduction has to be granted under section 80P(2)(a)(iii) of the Act since the society is engaged in the marketing of agricultural produce of its members. It is this decision which has given rise to questions Nos. 1 and 2. Question No. 3 is incidental to the answers to questions Nos. 1 and 2. Section 43B of the Act....