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TMI Blog2018 (10) TMI 1971X X X X Extracts X X X X X X X X Extracts X X X X ..... erein it has been held that cooperative society engaged in the business of providing credit facilities to its members which earns interest income on the surplus funds parked with the nationalized banks, is not eligible for deduction/s. 80P(2)(a)(i) - Therefore, we hold that the orders of the authorities below in denying deduction u/s. 80P(2)(a)(i)of the Act is quite correct and in accordance with the ratio of decision of Hon ble High Court and there is no reason before us to interfere with the same and thus, we confirm the same. We find it justified and necessary to observe that any expenditure incurred by the assessee for earning such income, which has not been claimed and allowed, could be allowed to the assessee meaning thereby the AO ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onfirming the action of assessing officer in making the disallowance of Rs. 86,704/- on account of deduction claimed u/s. 80P(2)(a)(i) of the Income Tax Act, 1961 (in short 'the Act'). He further submitted that the said disallowance made by Assessing Officer and confirmed by ld. CIT(A) may kindly be deleted. The ld. AR submitting copy of order of ITAT 'D' Bench, Ahmedabad dated 28.08.2018 in the case of Shree Dhansobhavak Cooperative Credit Society Ltd. vs. ITO in ITA No.3375/Ahd/2016 and submitted that the AO has to determine the net interest income as well as net misc. income earned by the assessee, and only thereafter that income has to be excluded from the admissibility of deduction u/s. 80P of the Act therefore, the AO may kind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acilities to its members which earns interest income on the surplus funds parked with the nationalized banks, is not eligible for deduction/s. 80P(2)(a)(i) of the Act. Therefore, respectfully following the ratio of decision of Hon'ble Jurisdictional High Court (supra), we hold that the orders of the authorities below in denying deduction u/s. 80P(2)(a)(i)of the Act is quite correct and in accordance with the ratio of decision of Hon'ble High Court and there is no reason before us to interfere with the same and thus, we confirm the same. 6. Before we part with the order, we find it justified and necessary to observe that any expenditure incurred by the assessee for earning such income, which has not been claimed and allowed, could be al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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