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2016 (5) TMI 1311 - ITAT AHMEDABADEntitlement for deduction u/s. 80P - provisions on account of diminution of value of securities in earlier financial years - Held that:- The deduction is allowed after giving effect to all the statutory deductions available to the assessee. Though the assessee has not claimed the statutory deduction on diminution of value of securities for the simple reason that its income was eligible for deduction u/s. 80P of the Act, be as it may. By claiming the diminution of value of securities during the year under consideration, the assessee is making itself entitled to a double benefit which has been declined by the A.O and has been confirmed by the First Appellate Authority as mentioned hereinabove. After giving a thoughtful consideration to the facts in issues qua the findings of the First Appellate Authority, we do not find any reason to interfere with the same. However, in all fairness, the assessee is very much entitled for the diminution in the value of securities for the financial year 2007-08 which is relevant for the assessment year under consideration. We, therefore, direct the A.O to allow the claim of F.Y. 2007-08 as per the provisions of the law. With the above directions, appeal filed by the Assessee is dismissed.
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