2008 (9) TMI 2

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.... judgment of a Division Bench of the Madras High Court dismissing the appeals filed under Section 260-A of the Income Tax Act, 1961 (in short `the Act'). The issue related to the claim of deduction made by the respondent under Section 80P (2)(a)(i) of the Act. The assessing officer negatived the claim on the ground that the income reflected by the assessee can neither be attributed to actual labou....

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.... 5. The High Court seems to have proceeded on the factual premises as if the dispute related to interest received from members. This confusion appears to have arisen because the High Court mixed up the factual position of some other case which related to credit society engaged in Banking. On that score alone, the High Court's order is indefensible. 6. Apart from that we find that the decision....