1980 (4) TMI 155

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..... e asst. yrs. 1975-76 and 1976-77 for which the respective accounting periods as shown to have been observed by the assessee ended with 30th June 1974 and 30th June, 1975. 2. Since both the appeals emanate from a common consolidated order dt. 6th June, 1978 made by the AAC as of necessity and convenience, we are also disposing of both the appeals by this common order. 3. The Revenue have taken .....

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..... owed interest on capital employed in Stores branch . This add back/disallowance has been made from fixed deposit amounting to Rs. 1,27,907 and the interest was payable to members. The disallowance has since been held by the AAC to be unjustified and accordingly he has directed the ITO to delete this addition. 5. On the other score the ITO has held that since the gross total income of the assess .....

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..... us by the ld. Deptl. Rep. and find that since the assessee which is a Co-operative Society was engaged in carrying on the business of providing credit facilities to its members, which fact, is found out from the assessment order itself, the AAC has rightly directed and held that s. 80P(2)(a) of the Act applied on the facts of the assessee s case. On this score, the impugned order of the AAC which .....

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