Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (6) TMI 1018 - AT - Income TaxIssues Involved: The judgment involves issues related to the deduction claimed under various sections of the Income Tax Act, 1961, specifically under section 80P, with respect to interest, dividend income, commission income, and income from letting of godowns. Issue No.1: Deduction claimed under section 80P(2)(a)(i) and 80P(2)(d) of the Act The Appellate Tribunal upheld the CIT(A)'s decision regarding the deduction claimed under section 80P(2)(a)(i) and 80P(2)(d) of the Act. The Tribunal confirmed that interest income earned on investments made with co-operative banks is not eligible for deduction under these sections. Issue No.2: Deduction under section 80P(2)(a)(iii) of the Act The Tribunal found that the assessee wrongly claimed deduction under section 80P(2)(a)(iii) instead of section 80P(2)(e) of the Act. The Tribunal directed the Assessing Officer to reexamine whether the assessee is entitled to deduction under any relevant section of 80P. Issue No.3: Deduction under section 80P(2)(e) of the Act The Tribunal noted that the claim for deduction under section 80P(2)(e) was disallowed due to lack of supporting details. The matter was remanded to the Assessing Officer for a fresh examination to determine if the activity qualifies for deduction under this section. In conclusion, the Appellate Tribunal allowed the appeal filed by the assessee for statistical purposes, directing further examination by the Assessing Officer on specific issues related to the deduction claims under different sections of the Income Tax Act.
|