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2013 (1) TMI 292 - HC - Income TaxReopening of assessment - deduction u/s. 80P without first deducting its interest expenses in contravention to section 80AB - Held that:- In the return filed by the petitioner in addition to claiming deduction of gross income of interest and dividend u/s 80P(2)(d) the petitioner further provided various details like in the Annexure-VII to the return, such deduction u/s 80P(2)(d) was bifurcated into dividend income of Rs. 53,71,450 and interest income of Rs. 1,27,56,156. Further, the petitioner had also supplied the full details of the statement showing dividend and interest income received from cooperative societies along with dividend counters in the original. Additionally, along with Tax Audit Report u/s 44AB the petitioner had given details of the dividend income, interest income as well as interest expenses for the said year, which included interest expenditure on fixed deposit, interest expenditure on the Society Savings, Employee Savings, etc. Thus, it can be seen that full details with respect to claim for deduction u/s 80P(2)(d) was very much before AO in the original return accompanied by the audited accounts of the petitioner society. There was, thus, no failure to disclose fully and truly all the material facts necessary for assessment, thus no reason to reopen the assessment - in favour of assessee.
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