Law: Income Tax Act, 1961

Section: 80-P

Income-tax----Cooperative society---Special deduction---Interest on securities. subsidies received from Government and dividends received---Entitled to special deduction---Indian Income Tax Act, 1961, S.80-P. Held, (i) that the assessee was entitled to deduction of interest on securities and subsidies received from the Government under section 80-P(2)(a)(i) of the Indian Income Tax Act, .1961. CIT v. Madurai District Central Cooperative Bank Ltd. (1984) 148 ITR 196 (Mad.) fol. . (ii) that the assessee was entitled to deduction with regard to the dividend received. CIT v. Ramanathapuram District Central Cooperative Bank Ltd. (1997) 224 ITR 226 (Mad.) fol. JUDGMENT THANIKKACHALAM, J. ---At the instance of the Department, the Tribunal referred the following question for the opinion of this Court under section 256(1) of the Income Tax Act, 1961. "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that; (i) interest on securities, (ii) subsidies received from the Government, and (iii) dividends received by the assessee, were business income of the assessee entitled to deduction under section 80-P(2)(a)(i) of the Income Tax Act, 1961?" The point for consideration is whether interest on securities, subsidies received from the Government and dividends received by the assessee were business income entitled to deduction under section 80-P(2) (a)(i) of the Income Tax Act, 1961. So far…

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