1981 (5) TMI 35

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....r s. 80J. While computing the capital for this purpose, the ITO deducted liabilities and losses and worked out 80J relief only on the balance. The ld. CIT(A) confirmed the ITO's order on this aspect. This is the first point in appeal before us. 2. When Shri Hazarilal, the ld. Deptl. Rep. Brought out that s. 80J has been now amended with retrospective effect, Shri I.J. Desai, the ld. Authorities....

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.... decide in the matter consistent with the decision of their Lordships of the Calcutta High Court in the case of Century Enka Ltd. which is being followed by the Tribunal here. 4. There is one more point in this appeal. The assessee had received certain interest/dividend from other co-operative societies and claimed relief under s. 80P (2)(d) of Rs. 93,846. This was mostly interest income. The I....

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....ed to s. 80P or 80T. Again in another decision Cambay Electric Supply Industrial Co. Ltd. vs. CIT 1978 CTR (SC) 50 : (1978) 113 ITR 84 (SC) their Lordships had explained that the meaning of word "co-operative Societies." 6. The ld. CIT(A) therefore dismissed the assessee's appeal on this aspect also. 7. Shri Desai, the ld. Authorised representative of the assessee accepted that the interest ....

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....pect of the whole of the income received by the assessee and not in respect of the income computed after making the deductions provided under the Act. Shri Desai pointed out that s. 80 P also contained the same phrase namely, gross total income as the basis for relief. He also pointed out that when the IT Act has been amended in 1980 so as to introduce s. 80AB, the operation of the section with re....