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“gross total income”

Chapter VI - Deductions / Set-offSection 80B(5)Section 80B(5) / Rule 3D2,282 judgments

The decision most relied on for gross total income is CIT v. Andhra Pradesh State (200 Taxmann 220), cited in 348 judgments on BharatTax.

Leading authorities on gross total income

CIT v. Andhra Pradesh State
200 Taxmann 220 · 2011 · High Court
348
citing judgments

Interest earned by a Co-operative Society from investing fixed deposits in banks is entitled to a deduction under Section 80P(2)(a)(i) of the Income-tax Act.

CIT v. Yokogawa India Ltd.
391 ITR 274 · 2017 · Supreme Court
290
citing judgments

Deduction under Section 10A or 10AA of the Income-tax Act is computed on the profits of the eligible unit without first setting off losses from other units or non-eligible units. Conversely, losses incurred by an eligible unit are allowed to be set off against the assessee's other taxable business profits.

ACG Associated Capsules (P) Ltd. v. CIT
343 ITR 89 · 2012 · Supreme Court
144
citing judgments

For calculation of deduction under Section 80HHC, if total interest is netted off after adjusting interest paid and received, the 90% reduction specified in Explanation (baa) is not applicable.

Synco Industries Ltd. v. Assessing Officer (IT) & Another
299 ITR 444 · 2008 · Supreme Court
82
citing judgments

When computing deductions under Chapter VI-A, such as Section 80IA, losses from other business undertakings must be set off against the profits of the eligible undertaking before calculating the deduction. No deduction under Section 80IA is permissible if the overall 'Profits & Gains of Business or Profession' results in a loss.

CIT v. Himatasingike Seide Ltd.
286 ITR 255 · 2006 · High Court
73
citing judgments

Deduction under Section 10A of the Income-tax Act is to be allowed only after setting off unabsorbed depreciation and brought forward business losses against the profits of the business.

CIT v. Williamson Financial Services
165 Taxmann 638 · 2007 · Supreme Court
67
citing judgments

Income-tax is levied on the total income of an assessee, not on gross receipts. The tax is on income, and deductions for expenditure are permissible.

CIT v. Reliance Energy Limited
127 Taxmann.com 69 · 2021 · Supreme Court
47
citing judgments

Deduction under Section 80-IA or 80-IB is computed by setting it off against the gross total income to arrive at the total income of an assessee.

CIT v. Tridoss Laboratories Ltd.
328 ITR 448 · 2010 · High Court
35
citing judgments

Deductions under Chapter VI-A of the Income Tax Act, such as Section 80-IA, are to be calculated and allowed with reference to the assessee's gross total income, not just business income.

Judgments citing gross total income

Income Tax Officer, Beawar vs. Sangeeta Bafna, Mewari Bazar Beawar

13. In view of the above discussion, ITA No

ITA 1110/JPR/2024[2022-23]Status: DisposedITAT Jaipur21 Jan 2025AY 2022-23

Bench: Learned Cit(A), Nfac, Feeling Aggrieved By Assessment Order Dated 12.03.2021 Passed By The Assessing Officer For The Assessment Year 2022-23. Vide Said Assessment Order, The Assessing Officer Finally Computed Taxable Income Of The Assessee As Under:- “Final Computation Of Taxable Income: Sl. No. Description Amount (In Inr)

For Appellant: Shri Mukesh Agarwal, C.AFor Respondent: Shri Anoop Singh, Addl. CIT
Section 143(1)(a)Section 143(3)Section 156Section 270A

Assets and Liabilities of return of income. B. Substantial loans given by the assessee as per Form 3CD of debtors in comparison to gross total income shown in the ITR. C. Large squared up loans during the years.” 3. Learned Assessing Officer, while computing taxable income of the assessee ... Assets and Liabilities of return of income. B. Substantial loans given by the assessee as per Form 3CD of debtors in comparison to gross total income shown in the ITR. C. Large squared up loans during the years.” Word, “limited scrutiny” was nowhere mentioned while selecting the said case

A T and S India Private Limited, Nanjangud, Mysore vs. Principal Commissioner of Income Tax, Kolkata-2, Kolkata

In the result, the appeal of the assessee is allowed

ITA 1220/KOL/2024[2018-2019]Status: DisposedITAT Kolkata21 Jan 2025AY 2018-2019

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Pcit, Kolkata-2 A T & S India Private Limited Aaykar Bhavan, P-7, 12A, Industrial Area Nanjangud Chowringhee Square, Vs. H.O, Mysore-571301, Karnataka Kolkata-700069, West Bengal (Appellant) (Respondent) Pan No. Aaeca2930J Assessee By : Shri Anup Sinha, Ar Revenue By : Shri Abhijit Kundu, Dr Date Of Hearing: 09.12.2024 Date Of Pronouncement : 21.01.2025

For Appellant: Shri Anup Sinha, ARFor Respondent: Shri Abhijit Kundu, DR
Section 143(3)Section 144CSection 263

account of brought forward unabsorbed losses and depreciation from business income of ₹61,92,86,177/- to arrive at a gross total income of ₹32,25,52,500/-. According to the PCIT at the end of A.Y. 2017-18 only unabsorbed depreciation of ₹9,23,52,053/- remained

Shri Kumar Cooperative Housing Society Ltd, Mumbai vs. Jao Mum -W-22(3)(1), Mumbai

Appeal of the assessee are allowed for statistical purposes

ITA 5581/MUM/2024[2021-22]Status: DisposedITAT Mumbai21 Jan 2025AY 2021-22

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2021-22 Shrikumar Co-Operative Housing Asst. Dir. Of I. Tax, Cpc Jao Mum- Society Ltd., W-22(3)(1), Vs. Nehru Road, Santacruz (East), Piramal Chamber, Mumbai-400055. Mumbai-400012. Pan No. Aaaas 8110 J Appellant Respondent

For Appellant: Shri Pravin Salukhe. Sr. DRFor Respondent: Mr. Vidyadhar N. Khandekar, CA
Section 139(1)Section 143Section 143(1)Section 80P(2)(d)

case of an assessee being a cooperati "80P(1) Where in the case of an assessee being a cooperative society, the gross total income includes any income referred to un society, the gross total income includes any income referred to un society, the gross total income includes any income referred

New Era Industrial Services Private Limited, Gurgaon vs. Dy. Commissioner of Income Tax, Circle - 3(1), Gurgaon

Appeal is partly allowed for statistical purposes

ITA 3272/DEL/2024[2020-21]Status: DisposedITAT Delhi21 Jan 2025AY 2020-21

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahman

For Appellant: Ms. Reema Grewal, CAFor Respondent: Sh. Vijay B. Basanta, CIT-DR
Section 143(3)Section 156Section 244ASection 254(1)

referred to as Ld. AO), erred in computing an income of Rs. 4,55,64,966 as Income from other sources and as Gross Total Income in the computation sheet, which is not in conformity with the directions of the Dispute Resolution Panel and the assessment order. 2. Based

Gomati Co-Operative Milk Producers Union Limited, Agartala vs. ACIT-National-E-Assement Centre, New Delhi

ITA 136/GTY/2023[2018-19]Status: DisposedITAT Guwahati20 Jan 2025AY 2018-19

Bench: Shri Manomohan Das, Hon’Ble & Shri Rakesh Mishra, Hon’Ble

For Appellant: Shri Kishor Jain, FCAFor Respondent: Shri Kaushik Ray, JCIT
Section 143(3)Section 250Section 5Section 56Section 80PSection 80P(2)(d)Section 80P(4)

milk and milk products in the markets. The assessee filed its return of income for the AY 2018-19 on 30.10.2018 declaring gross total income of Rs. 1,49,10,876/- and total income at Rs. 23,20,400/- after claiming deduction ... operative Society. [Para 11] ■The sheet anchor of the contention of the assessee misses two essential points required for claiming the deduction from gross total income for a co-operative society; (i) that the character or nature of income, namely interest on investments or deposits, does not change irrespective

Nivrutti Vishnu Patil, Nallasopara vs. Assessing Officer Pne-W-(72)(91), Delhi

In the result, the appeal of the assessee is allowed

ITA 4339/MUM/2024[2016-17]Status: DisposedITAT Mumbai17 Jan 2025AY 2016-17

Bench: Shri Amarjit Singh, Hon’Ble & Ms. Kavitha Rajagopal, Hon’Bleassessment Year: 2016-17 Nivrutti Vishnu Patil Ito, Ward-4(1), Thane

For Appellant: Shri Bharat V. KanakiaFor Respondent: Shri Pravin Salukhe, Sr. DR
Section 10Section 144

only. The ld. CIT(A) has worked out the deduction under Chapter VIA of Rs. 44,282/- out of the gross total income of Rs. 4,87,026/- and arrived at the total income of Rs. 44,42,740/-. However, the ld. CIT(A) has again added excess deduction under

The Vardhman Stampings Pvt. Ltd., Ahmedabad vs. The Asstt. Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

ITA 363/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad16 Jan 2025AY 2015-16

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumar

Section 263Section 43(5)Section 73

आयकर अपीलीय अधिकरण, अहमदाबाद न्यायपीठ 'A' अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT

The Vardhman Stampings Pvt. Ltd., Ahmedabad vs. The Asstt. Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

ITA 362/AHD/2020[2014-15]Status: DisposedITAT Ahmedabad16 Jan 2025AY 2014-15

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumar

For Appellant: Shri Manish J. Shah andFor Respondent: Shri H. Phani Raju, CIT-DR
Section 263Section 43(5)Section 73

आयकर अपीलीय अधिकरण, अहमदाबाद न्यायपीठ 'A' अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT

Nanjappa Viajy Shankar, Bangalore vs. Income Tax Officer, Ward-5(3)(2), Bangalore

In the result, appeal filed by the assessee is treated as allowed

ITA 2380/BANG/2024[2017-18]Status: DisposedITAT Bangalore16 Jan 2025AY 2017-18

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyassessment Year : 2017-18

For Appellant: Smt. Varsha N Ratan, ARFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bangalore
Section 1Section 250Section 69

stated the facts of the case are that assessee is an individual filed his return of income in ITR-1 on 04.11.2017 declaring gross total income of Rs.7,26,430/- which constituted salary income of Rs.8,93,342/-, loss from house property of Rs.166,912/- and claimed deduction under Chapter

Dreamland Co Operative Housing Society Limited, Vashi vs. CIT (A), National Faceless Appeal Centre

In the result, the appeal of the Assessee is allowed

ITA 6111/MUM/2024[2019-20]Status: DisposedITAT Mumbai16 Jan 2025AY 2019-20

Bench: Shri Narender Kumar Choudhryassessment Year: 2019-20

For Appellant: Shri Shashikant Joshi, Ld. A.RFor Respondent: Shri Kiran Unavekar, Ld. Sr. D.R
Section 154Section 250Section 80PSection 80P(1)Section 80P(2)(d)

Housing Society. Thus, if any income as referred to in sub-section (2) to section 80P of the Act is included in the gross total income of the assessee, the same shall be allowed as a 5 M/s. Dreamland Cooperative Housing Society Limited deduction. It is pertinent to note that

Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, Pune vs. Income Tax Officer Ward 6 (1) Pune, Pmt Building, Swargate

In the result, the appeal of the assessee is allowed

ITA 1428/PUN/2024[2017-18]Status: DisposedITAT Pune15 Jan 2025AY 2017-18

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita No.1428/Pun/2024 निर्धारण वर्ष / Assessment Year : 2017-18 Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, 415/2 A, Shrine Complex, Somvar Peth, Pune -411011 Vs. Income Tax Officer, Ward - 6(1), Pune Pan : Aaaah2281D अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Shri Deepak S. Sasar Shri Ramnath P. Murkunde 05-11-2024 15-01-2025 आदेश / Order Per Astha Chandra, Jm : The Appeal Filed By The Assessee Is Directed Against The Order Dated 29.04.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)"] Pertaining To Assessment Year (“Ay”) 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal :- *1. The Ld. Cit(A) Has Wrongly Confirmed The Disallowance Of Deduction Of Rs.8,84,993/- Claimed By The Appellant U/S.80P (2)(A)(I) Of The Income Tax Act, 1961 Of Interest Income Earned From Deposit With Pdcc Bank. 2. Alternatively, The Interest Income Earned By The Appellant From The Investments In A Co-Operative Bank Is Also Eligible For Deduction Under Section 80P (2) (D) Of The Income Tax Act, 1961. 3. The Ld. Cit (A) Has Wrongly Confirmed The Disallowance Of Deduction U/S.80P Of Commission Receipts Of Rs.53,52,723/- After Deducting The Salary Expenses Of Rs.3,00,202/- From The Total Commission Receipts Of Rs.56,52,925/-. Being The Same Income Is Received From The Mseb On Account Of Running Cash Counter For Mseb Bill Payments & The Same Is Treated As Income From Other Sources. 4. The Appellant Crave Leave To Add, Delete, Amend, Alter, Vary And/Or Withdraw All Or Any One Of The Above Grounds Of Appeal.” 2

For Appellant: Department byFor Respondent: Date of hearing
Section 143(1)Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

strong bearing on the adjudication of the issue before us. Where in the case of an assessee being a cooperative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section

Mundukhola Baksagarh Skus Ltd., Hoogly vs. ITO, Ward-24, Hooghly

In the result, appeal of assessee is allowed and that of revenue is dismissed

ITA 879/KOL/2024[2017-18]Status: DisposedITAT Kolkata15 Jan 2025AY 2017-18

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Ito, Ward-24 Mundukhola Baksagarh Skus Ltd. Aaykar Bhavan, G.T. Road, Baksararh, Panchpara, Hoogly, Khadinamore, Chinsurah, Vs. West Bengal-712501 Hooghly, West Benga 712101 (Appellant) (Respondent) Pan No. Aabam7385E Assessee By : Shri Saumitra Choudhury, Ar Revenue By : Shri Sailen Samadder, Dr Date Of Hearing: 17.12.2024 Date Of Pronouncement : 15.01.2025

For Appellant: Shri Saumitra Choudhury, ARFor Respondent: Shri Sailen Samadder, DR
Section 115BSection 69ASection 80P

payment of gratuity, payment of leave encashment and provision for doubtful debts is also out of eligible income and that also gross total income of the Co-operative Society. As pointed out by CIT. Counsel for the assessee to the provisions of section 80P(1) of the Act that ... gross total income includes any income referred to in sub-section (2) means the deduction will be allowed from gross total income. The relevant provision of section 80P(1) reads as under: Mundukhola Baksagarh SKUS Ltd; A.Y. 2017-18 “(1) Where in the case of an assessee being

Naba Diganta Water Management Ltd., Kolkata vs. ACIT, Cir. 2(1), Kolkata

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 434/KOL/2024[2017-18]Status: DisposedITAT Kolkata15 Jan 2025AY 2017-18

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(3)

isentitled to deduction under section 80-IA(4) of the Act of the Act but is not claiming benefitof the same as the gross total income after set-off of the carried forward losses/unabsorbeddepreciationis notpositiveand that inthe eventtheissues connection charges anddepreciationis earlier yearsis decidedagainst itandthe earlier year losses and/orunabsorbed depreciation ... appellant submits that subsequent to the adjustments made in the earlier years and thesame having attained finality, the gross total income of the Appellant would turn positive.In light of the same the Appellant has filed an additional ground claiming the benefit ofdeduction under section 804A. 4. The Appellant submits that

G.Ananthasubramaniam, Chennai vs. ITO, Ncw-15(1), Chennai

In the result, appeal filed by the assessee is allowed

ITA 2505/CHNY/2024[2014-15]Status: DisposedITAT Chennai15 Jan 2025AY 2014-15

Bench: Hon’Ble Shri Manoj Kumar Aggarwal & Hon’Ble Shri Manu Kumar Giriआयकरअपील सं./ Ita No.2505/Chny/2024 (िनधा"रणवष" / Assessment Year: 2014-2015) G. Ananthasubramaniam, Vs. The Income Tax Officer, No.21/7, 2Nd Main Road, Non Corporate Ward 15(1) Kasturba Nagar, Adyar, Chennai. Chennai 600 020. [Pan: Aaapa 8460E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Mr. P. James Victor Rajkumar, ""यथ" क" ओर से /Respondent By : Ms. D. Komali Krishna, Cit. सुनवाई क" तार"ख/Date Of Hearing : 17.12.2024 घोषणा क" तार"ख /Date Of Pronouncement : 15.01.2025 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Mr. P. James Victor RajkumarFor Respondent: Ms. D. Komali Krishna, CIT
Section 132Section 132(4)Section 143(3)Section 147Section 153A

Apollo Hospital. His income averages to more than Rs.50 Lacs per year which could be tabulated as under: AY Gross Fees as per Gross Total Income Net Taxable Income Profit & Loss Declared (Lacs) Declared (Lacs) Account (Lacs

Ottar Karattupalayam Mpcs Ltd., Erode vs. ITO, Ward-2(1), Erode

In the result, appeal filed by the assessee is allowed

ITA 2135/CHNY/2024[2021-22]Status: DisposedITAT Chennai15 Jan 2025AY 2021-22

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr. P.K. Senthil Kumar
Section 143(1)Section 4Section 80PSection 80P(2)Section 80P(2)(b)Section 80P(2)(d)

respect of income of co-operative societies. 80P.(1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section

Nand Bhuvan Ind Primises Co-Op Soc Ltd, Mumbai vs. ITO Ward-24(3)(1), Mumbai

In the result, the appeal filed by the Assessee stands allowed

ITA 6010/MUM/2024[2017-18]Status: DisposedITAT Mumbai14 Jan 2025AY 2017-18

Bench: Shri Narender Kumar Choudhryassessment Year: 2017-18

For Appellant: Ms. Kinjal Bhuta, Ld. A.RFor Respondent: Shri Kiran Unavekar, Ld. Sr. D.R
Section 143(3)Section 2(19)Section 250Section 70Section 80PSection 80P(1)Section 80P(2)(d)

Housing Society. Thus, if any income as referred to in sub-section (2) to section 80P of the Act is included in the gross total income of the assessee, the same shall be allowed as a deduction. It is pertinent to note that since the assessee is registered under

Anish Garg, Patiala vs. ITO Ward-4, Patiala

In the result, the appeal of the assessee is allowed

ITA 739/CHANDI/2024[2012-13]Status: DisposedITAT Chandigarh13 Jan 2025AY 2012-13
For Appellant: Shri Rajiv Saldi, C.AFor Respondent: Shri Vivek Vardhan, Addl.CIT
Section 133ASection 142(1)Section 143(3)Section 147Section 148Section 151Section 250(4)

members with no school going child. (iii) There are 4 earning members including assessee and two minor children in the family. The gross total income of the family for the year was Rs 10 Lakhs approx. All the earning members were contributing for the household expense. The father

Brandix Intimate India Private Limited, Atchutapuram Mandal vs. Deputy Commissioner of Income Tax, Circle-3(1), Visakhapatnam

In the result, appeal of the assessee is allowed

ITA 286/VIZ/2024[2018-19]Status: DisposedITAT Visakhapatnam10 Jan 2025AY 2018-19

Bench: Shri K. Narasimha Chary, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.286/Viz/2024 (निर्धारण वर्ा/ Assessment Year: 2018-19) Brandix Intimate India Private Limited V. Income Tax Officer Plot No. 11 National E-Assessment Centre Delhi Brandix India Apparel City Sez (Biac Sez) Pudimadaka Road, Atchutapuram Mandal Andhra Pradesh – 531011 [Pan: Aadcb3644F] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 10ASection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 250

dated 29.09.2019 was issued and served on the assessee. Subsequently, assessee filed its revised return of income on 30.10.2019 declaring a gross total income of Rs. 23,21,53,732/- and claimed deduction under section 10AA of the Act for Rs.11,59,27,224/- while declaring total income

Sadbhav Engineering Ltd., Ahmedabad vs. DCIT, Central Circle 1(3), Ahmedabad

ITA 235/AHD/2021[2018-19]Status: DisposedITAT Ahmedabad10 Jan 2025AY 2018-19

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarsr. No. Appellant Respondent 1-7 It(Ss)A.No./ Asstt.Year 170 To 175 & 235/Ahd/2021 Asst. Year 2012- 13 To 2018-19 Sadbhav Engineering Ltd. Nr. Havmour Restaurant Navrangpura Ahmedbad. Dcit, Cent.Cir.1(3) Ahmedabad. 8-14 183 To 189/Ahd/2021 Asst. Year 2012- 14 To 2018-19 Pan : Aadcs 0852 Q Dcit, Cent.Cir.1(3) Ahmedabad. Sadbhav Engineering Ltd. Nr. Havmour Restaurant Navrangpura Ahmedabad. (Applicant) (Responent) Assessee By Shri Dhinal Shah, Ar Revenue By: Shri H. Phani Raju, Cit-Dr सुनवाई की तारीख /Date Of Hearing : 18/10/2024 घोषणा की तारीख / Date Of Pronouncement: 10/01/2025 आदेश/Order Per Bench: The Above Cross-Appeals Of The Assessee & The Revenue Are Against The Consolidated Order Of The Ld. Commissioner Of Income Tax(Appeals) 11, Ahmedabad All Dated 04.08.2021 Passed Under Section 250(6) Of The Income Tax Act, 1961 (“The Act" For Short) For The

For Respondent: Shri H. Phani Raju, CIT-DR
Section 115BSection 132Section 139(1)Section 143(3)Section 153ASection 250(6)Section 69ASection 80I

आयकर अपीलीय अधिकरण, अहमदाबाद न्यायपीठ 'A' अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT

Udupi Taluk Protestant Christian Credit Co-Operative Society Limited, Udupi vs. Income Tax Officer, Ward-1, Udupi

In the result, appeal of the assessee is allowed for statistical purposes

ITA 2321/BANG/2024[2018-19]Status: HeardITAT Bangalore09 Jan 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Prakash Chand Yadavassessment Year: 2018-19

For Appellant: Sri Mahesh R Uppin, A.RFor Respondent: Ms. Neha Sahay, D.R
Section 56Section 80PSection 80P(2)(d)

business of providing credit facilities to its members for their various financial needs. The assessee filed its return of income declaring a gross total income of Rs.1,47,79,120/-, after claiming deduction of Rs.1,47,77,664/- u/s 80P of the Income Tax Act, 1961 (in short