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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

The ACIT, Patan Circle, Patan vs. Ranjit Buildcon Ltd., Unjha

ITA 2117/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad13 Aug 2024AY 2009-10

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

Section 142(1)Section 143(1)Section 143(2)Section 80I

Section 80IA of the Act that there should be no other income because income from Infrastructure faciality because the word used in gross total income and income from Infrastructure facility is to be computed under Income Tax Act. The Ld. AR further submitted that the assessee filed detailed working

The ACIT, Patan Circle, Patan vs. Ranjit Buildcon Ltd., Unjha

ITA 2116/AHD/2013[2008-09]Status: DisposedITAT Ahmedabad13 Aug 2024AY 2008-09

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

Section 142(1)Section 143(1)Section 143(2)Section 80I

Section 80IA of the Act that there should be no other income because income from Infrastructure faciality because the word used in gross total income and income from Infrastructure facility is to be computed under Income Tax Act. The Ld. AR further submitted that the assessee filed detailed working

Kolloorvila Service Cooperative Society Limited Q214, Kollam vs. Income Tax Officer, Ward-2, Kollam

Appeal is allowed and later appeal

ITA 879/COCH/2023[2017-18]Status: DisposedITAT Cochin13 Aug 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: ---- None ----For Respondent: Smt.V.Swarnalatha, Sr.DR
Section 143(3)Section 271Section 271BSection 273Section 44Section 44ASection 80P

assessment year 2017-18 on 19.01.2018 along with the tax audit report under Section 44AB of the Income Tax Act declaring a gross total income of Rs.22923446/- and claiming eligible deduction under Section 80P of the Income Tax Act 1961 and the total income comes to Rs.3252313/-. 3. The Assessing

Kolloorvila Service Cooperative Society Limited Q214, Kollam vs. Income Tax Officeer, Kollam

Appeal is allowed and later appeal

ITA 667/COCH/2023[2017-18]Status: DisposedITAT Cochin13 Aug 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: ---- None ----For Respondent: Smt.V.Swarnalatha, Sr.DR
Section 143(3)Section 271Section 271BSection 273Section 44Section 44ASection 80P

assessment year 2017-18 on 19.01.2018 along with the tax audit report under Section 44AB of the Income Tax Act declaring a gross total income of Rs.22923446/- and claiming eligible deduction under Section 80P of the Income Tax Act 1961 and the total income comes to Rs.3252313/-. 3. The Assessing

Swaminarayan Co.Op.Bank Ltd., Baroda vs. The ACIT, Circle-3(1), Baroda

In the result, the appeal of the Assessee is allowed

ITA 1411/AHD/2019[2010-11]Status: DisposedITAT Ahmedabad09 Aug 2024AY 2010-11

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1411/Ahd/2019 "नधा"रण वष" /Assessment Year : 2010-11 Swaminarayan Co-Op. Bank Ltd. The Acit बना 1, Ashok Chambers Circle-3(1) Opp. Pathak Gate Police Station Ahmedabad म/ Madanzampa Road V/S. Vadodara 390 001 (Gujarat) "थायी लेखा सं./Pan: Aaaas 1932 N अपीलाथ"/ (Appellant) …… "" यथ"/ (Respondent) Assessee By : Shri Ashish Kanabar, Ar Revenue By : Shri Ashok Natha Bhalekar, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 07/08/2024 घोषणा क" तार"ख /Date Of Pronouncement: 9/08/2024 आदेश/O R D E R Per Shri Makarand V. Mahadeokar, Am: This Appeal Is Filed By The Assessee As Against The Order Dated 08/07/2019 Passed By The Commissioner Of Income-Tax (Appeals)-3, Vadodara [Hereinafter Referred To As “The Ld.Cit(A)” In Short] Arising Out Of The Penalty Order Dated 27/02/2019 Passed By The Assessing Officer (Ao) Under Section 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As "The Act") Relevant To The Assessment Year (Ay) 2010-11. Swaminarayan Co-Op. Bank Ltd. Vs. Acit Asst. Year : 2010-11

For Appellant: Shri Ashish Kanabar, ARFor Respondent: Shri Ashok Natha Bhalekar, Sr.DR
Section 142(1)Section 143(2)Section 143(3)Section 271Section 271(1)(c)Section 274Section 35A

business or profession”. After claiming set off of brought forward business loss of AY 2003-04 to the extent of income available, the gross total income was worked out at Rs.NIL. 2.1. The case was selected for scrutiny by issuing notice u/s.143(2) of the Act. Notices u/s.142(1) were

Shree Ganesh Nagari Sahaakari Patsanstha Maryadit, Pune vs. Income Tax Officer, Pune

ITA 621/PUN/2024[2018-19]Status: DisposedITAT Pune09 Aug 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita No.206/Pun/2024 िनधा"रण वष" / Assessment Year:2018-19 Shree Ganesh Nagari Sahakari Vs The Income Tax Officer, Patsanstha Maryadit, Pune. Block No.672/673/888/889, Fruit Section, Gultekadi Market Yard, Pune – 411037. Pan: Aaaas5493C Appellant/ Assessee Respondent / Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri Sourabh Nayak – Addl.Cit(Dr) Date Of Hearing 07/08/2024 Date Of Pronouncement 09/08/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeal)[Nfac], Passed Under Section 250 R.W.S 154 Of The Income Tax Act, Dated 05.02.2024 For The A.Y.2018-19. The Assessee Has Raised The Following Grounds Of Appeal : “1. On The Facts & In The Circumstances Of The Case & In Law The Learned Assessing Officer Erred In Rejecting Deduction Under Section Shree Ganesh Nagari Sahakari Patsanstha Maryadit [A] 80P(2)(A)(I) For A Sum Of Rs.55,21,056/- Being Entire Book Profit Of Appellant Society Without Appreciating The Fact That Earning Of Interest Is An Integral Part Of Society’S Business & Appellant Prays For Allowing Such Deduction.

Section 143(3)Section 250Section 80PSection 80P(2)(d)

providing credit facilities to its members. For Assessment Year 2018- 19 appellant has filed its return of income on 04/10/2018 by disclosing the Gross total Income of Rs. 55,21,056/- and claimed deduction u/s 80P and filed the return of income as NIL, case was taken up for scrutiny

Income Tax Officer, Pune vs. Vishwakarmasarkshankamgarsahakari Patsanstha Maryadit, Pune

In the result, appeal of the Revenue in ITA

ITA 451/PUN/2024[2018-19]Status: DisposedITAT Pune09 Aug 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita Nos.450 & 451/Pun/2024 िनधा"रण वष" / Assessment Years:2017-18 &2018-19 The Income Tax Officer, V Vishwakarma Sarkshan Pune. S Kamgar Sahakari Patsanstha Maryadit, 185, Vishwakarma Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent /Assessee Cross Objection Nos.23 & 24/Pun/2024 (Arising Out Of Ita Nos.450 & 451/Pun/2024) िनधा"रणवष" / Assessment Years: 2017-18 & 2018-19 Vishwakarma Sarkshan V The Income Tax Kamgar Sahakari Patsanstha S Officer, Maryadit, 185, Vishwakarma Pune. Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent / Assessee Assessee By Shri S.N.Puranikh – Ar Revenue By Shri Sourabh Nayak – Addl.Cit(Dr) Date Of Hearing 07/08/2024 Date Of Pronouncement 09/08/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: The Revenue Has Filed Two Appeals For Two Separate Assessment Years I.E.2017-18 & 2018-19 Against Two Separate Orders Of

Section 250Section 80P(2)(a)Section 80P(2)(d)

eligibility, it is unnecessary toprobe any further as to whether the co-operative society is classified as X or Y. 29. Thirdly, the gross total income must include income that is referred to in sub-section (2). 30. Fourthly, sub-clause (2)(a)(i) with which we are directly concerned

Income Tax Officer, Pune vs. Vishwakarma Sarkshan Kamgar Sahakari Patsanstha Maryadit, Pune

In the result, appeal of the Revenue in ITA

ITA 450/PUN/2024[2017-18]Status: DisposedITAT Pune09 Aug 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita Nos.450 & 451/Pun/2024 िनधा"रण वष" / Assessment Years:2017-18 &2018-19 The Income Tax Officer, V Vishwakarma Sarkshan Pune. S Kamgar Sahakari Patsanstha Maryadit, 185, Vishwakarma Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent /Assessee Cross Objection Nos.23 & 24/Pun/2024 (Arising Out Of Ita Nos.450 & 451/Pun/2024) िनधा"रणवष" / Assessment Years: 2017-18 & 2018-19 Vishwakarma Sarkshan V The Income Tax Kamgar Sahakari Patsanstha S Officer, Maryadit, 185, Vishwakarma Pune. Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent / Assessee Assessee By Shri S.N.Puranikh – Ar Revenue By Shri Sourabh Nayak – Addl.Cit(Dr) Date Of Hearing 07/08/2024 Date Of Pronouncement 09/08/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: The Revenue Has Filed Two Appeals For Two Separate Assessment Years I.E.2017-18 & 2018-19 Against Two Separate Orders Of

Section 250Section 80P(2)(a)Section 80P(2)(d)

eligibility, it is unnecessary toprobe any further as to whether the co-operative society is classified as X or Y. 29. Thirdly, the gross total income must include income that is referred to in sub-section (2). 30. Fourthly, sub-clause (2)(a)(i) with which we are directly concerned

Bharti Maind Nagri Sahakari Pat Sanstha, Yavatmal vs. Income Tax Office, National E Assessment, New Delhi

In the result, appeal filed by the assessee for the assessment year

ITA 160/NAG/2023[2020-21]Status: DisposedITAT Nagpur08 Aug 2024AY 2020-21

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri P.M. GandhiFor Respondent: Shri Kailash C. Kanojiya
Section 234ASection 80PSection 80P(2)(a)

year under consideration, the assessee filed its return of Bharti Maind Nagri Sahakari Pat Sanstha ITA no.159–160/Nag./2023 income on 26/09/2018, declaring gross total income of ` 3,03,47,064, and total income at ` nil after claiming deduction of ` 3,03,47,064 under section

Bharti Maind Nagri Sahakari Pat Sanstha, Yavatmal vs. Income Tax Officer, National E Assessment, Yavatmal

In the result, appeal filed by the assessee for the assessment year

ITA 159/NAG/2023[2018-19]Status: DisposedITAT Nagpur08 Aug 2024AY 2018-19

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri P.M. GandhiFor Respondent: Shri Kailash C. Kanojiya
Section 234ASection 80PSection 80P(2)(a)

year under consideration, the assessee filed its return of Bharti Maind Nagri Sahakari Pat Sanstha ITA no.159–160/Nag./2023 income on 26/09/2018, declaring gross total income of ` 3,03,47,064, and total income at ` nil after claiming deduction of ` 3,03,47,064 under section

Taluk Gopalpur Samabay Krishi Unnayan Samity Limited., Medinipur vs. ITO, Ward No-27(3), Haldia

In the result, the appellant fails with respect to ground no

ITA 1152/KOL/2023[2018-19]Status: DisposedITAT Kolkata07 Aug 2024AY 2018-19

Bench: Pradip Kumar Choubey & Sri Sanjay Awasthi

Section 80PSection 80P(2)(d)

said section deals with deductions in respect of income of co-operative societies. Section 80P(1), inter alia, states that where the gross total income of a co-operative society includes any income from one or more specified activities, then such income shall be deducted from the gross total income

Anand Engineering Products Pvt. Ltd., Trichy vs. DDIT, CPC, Bengaluru

In the result, appeal filed by the assessee is allowed for statistical purpose

ITA 1375/CHNY/2024[2015-16]Status: DisposedITAT Chennai07 Aug 2024AY 2015-16

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaआयकरअपील सं./ Ita No.1375/Chny/2024 (िनधा"रणवष" / Assessment Year: 2015-2016) Anand Engineering Products Pvt Vs. The Assessing Officer, Limited, Corporate Ward 1(1) D-56, Developed Plots Estate, Chennai. Thuvakudi, Trichy 620 015. [Pan: Aafca 1512R] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri A.S. Ramakrishnan, C.A., ""यथ" क" ओर से /Respondent By : Ms. Gouthami Manivasagam, Irs, Jcit.

For Appellant: Shri A.S. Ramakrishnan, C.AFor Respondent: Ms. Gouthami Manivasagam, IRS, JCIT
Section 115JSection 139(1)Section 143(1)Section 143(1)(a)Section 249(2)(c)Section 249(3)

Assessee Company for the Assessment year 2015-16 was processed by CPC on 03.08.2016 and that there was no variance to the Gross Total income and the Gross tax liability declared in the Return of Income and the as computed u/s. 143(1). 2. That the only variance

Potheri Village Weaning Food Manufacturing Womens Development Industrial Coop, Kancheepuram vs. ITO, Ncw 22(1), Tambaram

In the result the appeal of the Assessee is allowed

ITA 1055/CHNY/2024[2017-18]Status: DisposedITAT Chennai07 Aug 2024AY 2017-18

Bench: Shri S.S. Viswanethra Ravi, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita No.: 1055/Chny/2024 िनधा"रण वष" / Assessment Year: 2017-18 Potheri Village Weaning Food Income Tax Officer, Manufacturing Womens V. Non-Corporate Ward – 22(1), Development Industrial Coop, Tambaram. 12, Amman Koil Street, Potheri Katankolathur Post, Kanchipuram – 603 203. [Pan: Aaaap-9745-Q] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. I. Dinesh, Advocate ""यथ" क" ओर से/Respondent By : Shri. Aroon Prasad, Addl. Cit सुनवाई की तारीख/Date Of Hearing : 25.07.2024 घोषणा की तारीख/Date Of Pronouncement : 07.08.2024 आदेश /O R D E R

For Appellant: Shri. I. Dinesh, AdvocateFor Respondent: Shri. Aroon Prasad, Addl. CIT
Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 8O

business of banking or providing credit facilities to its members by a co-operative society and is liable to be deducted from the gross total income under Section 80P of the Act.” :-7-: ITA. No: 1055/Chny/2024 5.3 Therefore, the lower authorities have grossly erred in disallowing the said deduction U/s.80P

Belve Vyavasaya Seva Sahakari Sangha Limited, Udupi vs. Income Tax Officer, Ward-2, Udupi

In the result, appeals of the assessee are partly allowed for statistical purposes

ITA 821/BANG/2024[2018-19]Status: DisposedITAT Bangalore07 Aug 2024AY 2018-19

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri Mahesh R. Uppin, A.RFor Respondent: Sri Parithivel V., D.R
Section 148Section 17Section 2Section 2(19)Section 37Section 80Section 80P(2)Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

therefore there is no violation thereof. Being eligible, the assessee has claimed deduction of such income under Section 80Å(2)(a)(i) from Gross Total Income. Assessee cooperative society is also engaged purchase' of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying

Belve Vyavasaya Seva Sahakari Sangha Limited, Udupi vs. Income Tax Officer, Ward-2, Udupi

In the result, appeals of the assessee are partly allowed for statistical purposes

ITA 820/BANG/2024[2017-18]Status: DisposedITAT Bangalore07 Aug 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri Mahesh R. Uppin, A.RFor Respondent: Sri Parithivel V., D.R
Section 148Section 17Section 2Section 2(19)Section 37Section 80Section 80P(2)Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

therefore there is no violation thereof. Being eligible, the assessee has claimed deduction of such income under Section 80Å(2)(a)(i) from Gross Total Income. Assessee cooperative society is also engaged purchase' of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying

Belve Vyavasaya Seva Sahakari Sangha Limited, Udupi vs. Income Tax Officer, Ward-2, Udupi

In the result, appeals of the assessee are partly allowed for statistical purposes

ITA 819/BANG/2024[2016-17]Status: DisposedITAT Bangalore07 Aug 2024AY 2016-17

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri Mahesh R. Uppin, A.RFor Respondent: Sri Parithivel V., D.R
Section 148Section 17Section 2Section 2(19)Section 37Section 80Section 80P(2)Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

therefore there is no violation thereof. Being eligible, the assessee has claimed deduction of such income under Section 80Å(2)(a)(i) from Gross Total Income. Assessee cooperative society is also engaged purchase' of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying

Cidco Employees Co-Op. Credit Society Ltd, Navi Mumbai vs. Ward 28(1)(3), Navi Mumbai

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

ITA 700/MUM/2024[2020-21]Status: DisposedITAT Mumbai07 Aug 2024AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalcidco Employees Co-Op. Credit Society, Ground Floor, Cidco Bhavan, Cbd Belapur, Navi Mumbai – 400 614 Pan:Aaaac2203N ..... Appellant Vs. Ito Ward 28(1) (3)/ Nfac Delhi ..... Respondent

For Appellant: Shri Bhupendra Shah, Ld. ARFor Respondent: Shri H. M. Bhatt, Ld. DR
Section 143Section 234BSection 250Section 271(1)Section 80Section 80P

Deduction in respect of income of cooperative societies— (1) 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, the sums ... society carrying on transport business or a society engaged in the performance of any manufacturing operations with the aid of power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities or any income from house property chargeable

Cidco Employees Co-Op. Credit Society Ltd, Navi Mumbai vs. Ward 28(1)(3), Navi Mumbai

In the result, the assessee‟s appeal ITA NO

ITA 699/MUM/2024[2018-19]Status: DisposedITAT Mumbai07 Aug 2024AY 2018-19

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 142(1)Section 143(1)Section 143(2)Section 250Section 271(1)(C)Section 80PSection 80P(4)

Deduction in respect of income of co-operative societies. (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 ... society carrying on transport business or a society engaged in the performance of any manufacturing operations with the aid of power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities or any income from house property chargeable

Cidco Employees Co-Op. Credit Society Ltd, Navi Mumbai vs. Ward 28(1)(3), Navi Mumbai

In the result, the assessee‟s appeal ITA NO

ITA 698/MUM/2024[2017-18]Status: DisposedITAT Mumbai07 Aug 2024AY 2017-18

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 142(1)Section 143(1)Section 143(2)Section 250Section 271(1)(C)Section 80PSection 80P(4)

Deduction in respect of income of co-operative societies. (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 ... society carrying on transport business or a society engaged in the performance of any manufacturing operations with the aid of power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities or any income from house property chargeable

Cidco Employees Co-Op. Credit Society Ltd, Navi Mumbai vs. Ward 28(1)(3), Navi Mumbai

In the result, the assessee‟s appeal ITA NO

ITA 697/MUM/2024[2014-15]Status: DisposedITAT Mumbai07 Aug 2024AY 2014-15

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 142(1)Section 143(1)Section 143(2)Section 250Section 271(1)(C)Section 80PSection 80P(4)

Deduction in respect of income of co-operative societies. (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 ... society carrying on transport business or a society engaged in the performance of any manufacturing operations with the aid of power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities or any income from house property chargeable