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TMI Blog2012 (9) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... rvashi Dhugga, Adv JUDGEMENT Per : Ajay Kumar Mittal, J: 1. This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 7.8.2007 passed by the Income Tax Appellate Tribunal, Chandigarh Bench "B", Chandigarh (hereinafter referred to as "the Tribunal) in ITA No. 342/Chandi/2007, for the assessment year 2003-04, claimi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0P(2)(d) the expenses can be determined/attributed and deducted more so when these are not identifiable and are part and parcel of common accounts? iv) Whether in the facts and in the circumstances of the case the ITAT order directing the deduction of expenses attributable to the earning of interest income for the purpose of determining deduction u/s 80P(2)(d) is legally sustainable, the same bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice under Section 143(2) of the Act, the assessment was completed by the Assessing Officer vide order dated 22.2.2006 (Annexure P-2) disallowing the claim of the assessee under Section 80P(2)(d) of the Act at Rs. 1,25,64,824/-. Against the order of the Assessing Officer, the assessee filed appeal before the Commissioner of Income Tax (Appeals) who vide order dated 25.1.2007 (Annexure P-3) allow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm part of total income under the Act shall not be an allowable expenditure. The assessee is entitled to deduction under Section 80P(2)(d) of the Act after deducting the expenditure attributable to the earning of such income.
6. In view of the above, the substantial questions of law are answered against the assessee and in favour of the revenue. The appeal is accordingly dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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