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2019 (11) TMI 1185 - ITAT KOLKATABusiness promotion expenses disallowances - HELD THAT:- It emerges that neither the assessee has proved any nexus between the impugned expenses in the nature of loading and unloading charges and printing and stationery sales promotion by placing all supportive details in entirety nor the lower authorities have found any specific defect in the expenses in issue. Faced with this position, we deem it appropriate in larger interest of justice that a lumpsum disallowance of ₹ 1,00,000/- out of ₹ 4,19,204/- would be just and proper with the rider that the same shall not be treated as precedent in other assessment year. The assessee’s instant first substantive ground is partly accepted in above terms Disallowance u/s 80P(2)(a)(i) deduction claim in the nature of interest income - HELD THAT:- Issue of section 80P(2)(a)(i) deduction on interest income derived from parking of surplus funds in term deposits schemes of nationalized banks. The fact also remains that impugned disallowance has to be computed on netting basis and both the lower authorities have not taken into consideration the same in their respective orders. We therefore direct the AO to compute the impugned disallowance on netting basis as per law within three effective opportunities of hearing.
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