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TMI Blog2023 (9) TMI 1667X X X X Extracts X X X X X X X X Extracts X X X X ..... can be allowed under Section 57 of the Act or not? HELD THAT:- In the light of the judgment of Mantola Co-operative Thrift & Credit Society Ltd. [2014 (9) TMI 833 - DELHI HIGH COURT] we do not see any merit in the plea of the assessee for claim of deduction. Expenditure incurred in relation to earning interest income taxable - We notice that there is no discussion or finding on allowability of e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the order of the Ld. Commissioner of Income Tax (Appeals) - 14, New Delhi ('CIT(A)' in short) dated 29.01.2019 arising from the assessment order dated 26.02.2016 passed by the Assessing Officer (AO) under Section 143(3) of the Income Tax Act, 1961 (the Act) concerning Assessment Year 2013-14. 2. As per the grounds of appeal, the assessee society has challenged denial of deduction under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med deduction of Rs.28,70,118/- earned by way of interest income from such Banks as exempt under Section 80P of the Act. 4. The Assessing Officer in the course of assessment under Section 143(3) of the Act referred to the judgment of the Hon'ble Supreme Court in the case of Totgars Cooperative Sale Society vs. ITO 322 ITR 283 (Supreme Court) and denied the exemption claimed under Section 80P of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice that the issue is squarely covered against the assessee by the judgment of the Hon'ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. vs. CIT (2014) 90 CCH 0075 Delhi High Court. The Hon'ble Delhi High Court observed that Section 80P of the Act provides partial exemption, restricted to the specified "earning" or "incomes" in subsection (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowability of expenditure under Section 57 of the Act incurred in relation to earning of interest taxable income under Section 56 of the Act. Hence, we consider it expedient to remit the matter back to the file of AO for re-determination of taxable income for giving appropriate allowances towards expenditure connected to the earning of interest income in accordance with law. 9. At this juncture, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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