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2014 (6) TMI 977 - HC - Income TaxDisallowances u/s 80IB - no separate books were maintained or separate balance sheet were filed claiming deduction - Held that:- Tribunal upholding the order of the learned CIT(A) in deleting the disallowances relied upon its earlier order in the case of Banaskantha District Cooperative Milk Producers Union [2010 (2) TMI 1197 - ITAT AHMEDABAD] also confirmed by HC [2012 (1) TMI 310 - GUJARAT HIGH COURT] wherein on identical facts it was held that even if no separate books were maintained or separate balance sheet were filed deduction under Section 80IB of the Act cannot be denied.We see no reason to interfere with the impugned judgment and order passed by the learned Tribunal. - Decided against revenue Disallowances under Section 80(P)(2)(d) - interest earned on the fixed deposit with Cooperative Bank and the Societies - Held that:- Considering Section 80(P)(2)(d) of the Act when the only requirement was that the income should be received from investment in Cooperative Societies and the Cooperative Bank which in the present case has been fulfilled, it cannot be said that the learned Tribunal has committed any error in deleting disallowance under Section 80(P(2)(d) of the Act. We are in complete agreement with the view taken by the learned Tribunal.- Decided against revenue
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