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2015 (12) TMI 1763 - PUNJAB AND HARYANA HIGH COURTAddition made on account of interest income from investment in Co-Operative Societies u/s. 80P(2)(d) - A.O. computed the disallowance u/s. 14A r.w.r. 8D - Held that:- The matter is no longer res integra. This Court in The Punjab State Cooperative Milk Producers Federation Limited vs. Commissioner of Income Tax II [2011 (3) TMI 615 - PUNJAB AND HARYANA HIGH COURT] as held as per the bye-laws of the appellant- Federation, deductions were admissible to it under section 80P(2)(a)(i) of the Act on the income derived by it from its members by way of interest on its investments as loan and advances for their working capital - assessee is entitled to deduction under section 80P(2)(d) of the Act after excluding the expenditure attributable to the earning of such income - It may be noticed that section 80P was inserted in place of section 81 which was simultaneously deleted by Finance (No. 2) Act, 1967, with effect from 1-4-1968 Regarding Section 14A - on consideration of facts involved therein had concluded that there was no expenditure which had been incurred by the assessee for earning the income and the same did not form part of total income - Decided against the assessee
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