Scociety working on large scale entitled to s 80P relief
Jun. 17, 2016
Assessees were handloom weavers cooperative society under the administrative control of Commissioner of Handlooms, Government of Tamil Nadu. They enjoyed s 80P(2)(a)(ii) deduction since inception. Revenue challenged CIT(A)'s decision to allow deduction to them, contending that they had huge capital outlay, high turnover, and large number of workers. ITAT held that assessees were cottage industries, and entitled to s 80P benefit.