2007 (9) TMI 19 - HC - Income Tax

Deduction Revenue contended that whether interest income earned by the assessee on the working capital advanced to another co-operative society is eligible for deduction u/s 80P(2)(d) of the I.T. Act, 1961 Held that deduction allowed

Summary

The High Court of Punjab and Haryana upheld the Income Tax Appellate Tribunal's decision regarding the eligibility of interest income for deduction under section 80P(2)(d) of the Income Tax Act, 1961. The court found that the question raised by the revenue was rightly answered against them, citing relevant judgments. The court concluded that no case was made out for referring the question as it had already been answered.