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2018 (8) TMI 1855 - ITAT SURATDisallowance u/s.14A(3) r.w.r. 8D on which deduction is allowed u/s.80P - HELD THAT:- As in the case of CIT vs Kribhco [2012 (7) TMI 591 - DELHI HIGH COURT] held that no disallowance can be made u/s.14A in respect of income on which deduction is allowed u/s.80P. Section 14A is no applicable in case of special deduction given under chapter VI-A. In the case of Punjab State Federation Co-operative Housing Building Societies Ltd. vs. ITO [2006 (4) TMI 188 - ITAT CHANDIGARH-A] wherein it was held that interest received on saving bank deposits that another co-operative societies have qualified for deduction as income from investment as contemplated in section 80P(2)(d) held “Yes”. In view of these facts, we are of the considered opinion that the AO has erroneously applied the provisions of section 14A for making disallowance out of income which eligible for deduction u/s.80P(2)(d) of the Act. Department has not made any disallowance u/s.14A for the assessment year 2013-14 & 2014-15 in the assessment made u/s.143(3) dated 22.03.2016 and dated 07.12.2016 respectively. Appeal of the Revenue is therefore dismissed.
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