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TMI Blog2018 (12) TMI 1313X 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. 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. AO is also directed to consider allowance of deduction under section 80P(2)(c)(ii) of the Act in accordance with law. - Decided partly in favour of asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt the submissions of the assessee, as he found that the cases relied upon by the assessee covers only cooperative bank which are doing banking business and not cooperative society engaged in providing credit facilities to its members. He accordingly denied the claim of the assessee and added to the income of the assessee. In appeal before the ld.first appellate atuhroity, the ld.CIT(A) concurred with the finding of the ld.AO and confirmed the addition by relying upon various cases laws including the decision of Hon ble jurisdictional High Court in the case of state Bank of India Vs.CIT,72 taxmann.com 64 (Guj). Aggrieved by this order of the ld.CIT(A), the assessee is before the Tribunal. 4. Before us, the ld.counsel for the assessee rei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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. The ld.AO is also directed to consider allowance of deduction under section 80P(2)(c)(ii) of the Act in accordance with law. 7. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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