9911796707
TMI Blog2018 (8) TMI 1722X X X X Extracts X X X X X X X X Extracts X X X X ..... ve judgment of the Hon’ble jurisdictional High Court. Any expenditure incurred by the assessee for earning such income could be allowed to it, if not already allowed. AO has to determine the net interest income as well as misc. income earned by the assessee, and only thereafter that income has to be excluded from the admissibility of deduction under section 80P(2) of the Act. Appeal of the assessee is partly allowed for statistical purpose. - ITA No. 251/Ahd/2017 - - - Dated:- 29-8-2018 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER For The Assessee : Shri Shankar Chetwani, AR For The Revenue : Ms. Apporva Bhardwaja, Sr. DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER : Prese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not in scheduled banks. He accordingly disallowed the claim of the assessee and added to the total income of the assessee. In appeal before the ld. First Appellate also the assessee did not succeed, hence, the assessee in further appeal before the Tribunal. 4. Before us, the ld. counsel for the assessee filed written submissions. The assessee while reiterating the submissions made before the lower authorities, interalia pleaded that logic of the ld. AO for segregating the investment between investment in Cooperative bank and Scheduled banks is not justifiable, because investment was made in the scheduled bank for the purpose of safety and security and easy liquidity, and investment in such nature is very much related to the business of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing above judgment of the Hon ble jurisdictional High Court. Since orders of the Revenue authorities are in accordance with judgment of the Hon ble jurisdictional High Court cited supra, no interfere is called for in the impugned orders, which we confirm. However, any expenditure incurred by the assessee for earning such income could be allowed to it, if not already allowed. In other words, the ld. AO has to determine the net interest income as well as misc. income earned by the assessee, and only thereafter that income has to be excluded from the admissibility of deduction under section 80P(2) of the Act. 7. In the result, appeal of the assessee is partly allowed for statistical purpose. Pronounced in the Open Court on 29th Aug ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
