2016 (9) TMI 1659 - SCH - Income Tax

Deduction u/s 80P - interest received from employees who are not the members of the assessee-Society - As decided by HC 2016 (5) TMI 1153 - PUNJAB AND HARYANA HIGH COURT even the interest earned from employees cannot be said to be core activity of the society and, therefore, in our opinion, interest earned from employees is not eligible for deduction u/s 80P(2)(a)(i) - HELD THAT - Leave granted. Parties shall complete pleadings within eight weeks. No stay.

Summary

The Supreme Court of India granted leave in the case, directing parties to complete pleadings within eight weeks. No stay was granted, and the case will be heard along with Civil Appeal No. 6337 of 2012.