9911796707
TMI Blog2013 (1) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the petitioner for the Assessment Year 2004-05. 3. The petitioner is filing regular returns and is regularly assessed to tax. For the Assessment Year 2004-05, the petitioner filed return of income on 21st October 2004 declaring nil income. In such return the petitioner had claimed a gross deduction of Rs.1,81,27,606 under Section 80P 2(d) of the Act. However, the actual deduction claimed considering the gross total income under this head was Rs. 87,03,078. 4. The return of the petitioner was taken in scrutiny. The Assessing Officer framed assessment under Section 143(3) of the Act on 27th December 2006 determining the net taxable income of the petitioner at nil. In the assessment order he recorded as under:- "Gross ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed under any section (except section 80M) included in this Chapter under the heading "C.-Deductions in respect of certain incomes" in respect of any income of the nature specified in that section which is included in the gross total income of the assessee, then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this Act (before making any deduction under this Chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income.' 3. On this issue the deduction u/s 80P was disallowed at Rs.81, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion under Section 80P(2)(d) of the Act was claimed. Such objections were, however, summarily rejected by the Assessing Officer vide order dated 16th December 2011. The petitioner has, therefore, filed this petition calling in question the legality of very notice of reopening. 8. Counsel for the petitioner submitted that the petitioner had made full disclosure of all material facts in the return filed. All the details of the interest and dividend income for which deduction under Section 80P(2)(d) of the Act was claimed were mentioned. The expenditure incurred by the petitioner in various activities including for earning of interest/dividend, which were not relatable to the exempt income, were also filed. 9. Counsel further submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 80P(2)(d) was bifurcated into dividend income of Rs. 53,71,450 and interest income of Rs. 1,27,56,156. Further, the petitioner had also supplied the full details of the statement showing dividend and interest income received from cooperative societies along with dividend counters in the original. Additionally, along with Tax Audit Report under Section 44AB of the Act the petitioner had given details of the dividend income, interest income as well as interest expenses for the said year, which included interest expenditure on fixed deposit, interest expenditure on the Society Savings, Employee Savings, etc. 13. Thus, it can be seen that full details with respect to petitioner's claim for deduction under Section 80P(2)(d) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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