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TMI Blog2017 (8) TMI 1690X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 (4) TMI 829 - KARNATAKA HIGH COURT] the appellant is entitle for deduction of proportionate expenditure or actual expenditure which the appellant may have incurred in mobilizing the funds placed in deposit with the bank and the same needs to be calculated by the Assessing Authority. We remit this matter back to the file of the Assessing Officer who will examine the case of the assessee that how much expenditure he has incurred in mobilizing the funds and thereafter, Assessing Officer will pass an appropriate order. Appeal filed by the assessee is partly allowed. - I.T.A. No.2624/Ahd/2015 - - - Dated:- 18-8-2017 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI MAHAVIR PRASAD, JUDICIAL MEMBER Appellant by : Shri Vimal I. Mehta, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons debited in the Profit Loss Account to arrive at gross total income eligible for deduction u/s.80P of the IT Act, and has straightaway claimed the net profit as deduction u/s.80P. PF Expenses Rs. 18,288/- Building Fund Proof Rs. 1,00,000/- Gratuity Fund Rs. 25,000/- Sabhasad Prostahan Prov Rs.10,50,000/- Bad debts provision Rs. 90,000/- Gramvikas fund Rs. 25,000/- Rs.13,08,288/- 2.3 On verification of Profit and Loss Account and details submitted by assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed banks of Rs.19,54,732/- under the head income from other sources u/s.56 of the Income Tax Act, 1961 is concerned. It is stated above that the assessee deposited the amount in nationalized bank not in Co-operative bank. So far interest income is not eligible for deduction u/s.80P of the I.T. Act. Therefore, we are not inclined to given any relief to the assessee with regard to Ground No.1. 6. So far Ground No.2 is concerned. Assessee incurred some expenses on the deposit for making FD and also incurred expenses with regard to interest etc. For this learned AR cited a judgment [2015] 58 taxmann.com 35 (Karnataka) in the matter of Totgars Co-operative Sale Society Ltd. vs. Income Tax Officer, in this case Hon ble High Court held as under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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