Section 80P of the Income-tax Act, 1961—Deduction—Principle that income in respect of which deduction is sought, must constitute the operational income and not other income which accrues to the society.

Facts: Assessee has been granted 80P deduction in the earlier years and only in these two years, the claim has been denied.

Held, that since the parties argue that the by-laws are not discussed which shortcoming we also notice on record and the request for remand has been made. Thus, the said exercise has to be done by assessee in terms of by-laws of assessee-society wherein assessee has been required to explain its acts of collecting deposits from non-members on which interest is being paid and address its arguments on whether it is a banking co-operative society, licensed to do so which stand has not been clarified by the assessee-society, despite the fact that appeal came up for hearing thereafter on 10.06.2019, 07.08.2019 and finally on 26.09.2019. In the circumstances, agreeing to the request of the parties, the matter is remanded back with the aforesaid directions. In the result, appeals of assessee are allowed for statistical purposes. - CO-OPERATIVE HOUSE BUILDING SOCIETY LTD. V/s DY. CIT - [2020] 182 ITD 415 (ITAT-CHANDIGARH)