9911796707
TMI Blog2020 (12) TMI 1313X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Assessee u/s.80P is not an eligible claim and therefore the Assessing Officer as well as the learned Commissioner of Income Tax (Appeals) rightly denied the claim of the Assessee u/s.80P of the Income Tax Act, 1961. In this appeal, the issue has been decided against the Assessee and in favour of the Revenue. Treatment of interest income as income from other sources - expenditure incurred by the Assessee to earn the interest income - HELD THAT:- The case of the Assessee is that the Assessing Officer has treated the interest income earned by the Assessee has income from other sources and estimated the expenditure only. In the Assessment Order, the Assessing Officer has not properly considered the expenditure incurred by the Assessee to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal, the learned Counsel of the Assessee has submitted that the staff of the Assessee's Society do automatically become members of the Society and therefore the interest received from the staff of the Assessee's Society is eligible for Section 80P of the Income Tax Act, 1961. 5. The learned Authorized Representative submitted that the staff of the Society are not eligible to be as members of the Society as the Society is created for the benefit of the members alone. If at all the Section 80P of the Income Tax Act, 1961 has to be allowed, it is to be allowed only to the members and not to the staff of the Society. 6. We have heard both the sides, perused the materials available on record and gone through the orders of the authorities bel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer has treated the interest income as income from other sources and has not allowed the expenditure incurred by the Assessee. He only estimated that the expenditure which is not in accordance with law and submitted that the issue may be remitted back to the Assessing Officer to examine de novo. 10. On the other hand, the learned Departmental Representative has not raised any objection. 11. We have heard both the sides, perused the materials available on record and gone through the orders of the authorities below. 12. The only issue for consideration is the expenditure incurred by the Assessee to earn the interest income. The case of the Assessee is that the Assessing Officer has treated the interest income earned by the Assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
