9911796707
TMI Blog2012 (9) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... e-Tax and another [2011 (3) TMI 615 - PUNJAB AND HARYANA HIGH COURT] that under Section 14A, any expenditure incurred by the assessee for earning income which does not form part of total income under the Act shall not be an allowable expenditure. The assessee is entitled to deduction under Section 80P(2)(d) after deducting the expenditure attributable to the earning of such income - against the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the learned Income Tax Appellate Tribunal is right in law in allowing deduction under section 80P (2)(d) of the Income Tax Act, 1961, in respect of interest income derived by the appellant being a cooperative society from member cooperative societies amounting to Rs.1,25,64,824/- being limited to the income out of total income of Rs.7,77,35,632/- after deducting any expenses? iii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e legally sustainable in law, more particularly when the provision for determination of such expenses has been made by the Finance Act, 2006 w.e.f. 1.4.2007 i.e. for the assessment year 2007-08 and the present being assessment year 2003-04? 2. Briefly stated, the facts necessary for adjudication as narrated in the appeal are that the assessee filed its return of income on 1.12.2003 for the finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. We have heard learned counsel for the parties. 4. The appeal was admitted on 23.9.2008 and was ordered to be heard along with ITA No. 530 of 2006. 5. Learned counsel for the appellant very fairly accepted that the issue raised herein stands concluded by the decision of this Court in the case of the assessee in The Punjab State Cooperative Milk Producers Federation Ltd. v. Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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