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2013 (9) TMI 164 - AT - Income TaxDeduction u/s. 80P(2)(d) - nexus between the interest/dividend income earned from the Co-op. Societies and the interest expenditure incurred by the assessee on borrowed funds on the ground - Held that:- It is undisputed fact that the appellant had invested surplus fund right from 1951 with other co-operative society. On such investment the appellant had been receiving interest and dividend which had been claimed as deduction 80P(2)(d). It is not a case that appellant had either earned income or borrowed fund and invested in this investment and deposits. As claimed by the ld. Sr. D.R. that these details were submitted before ld. CIT(A) not before the A.O. is not acceptable. The appellant had given all the details before the A.O. on which ld. A.O. concluded otherwise. The balance sheet as well as p&l account were available in all the years that the A.O. gave these figures on which the ld. CIT(A) relied upon, had taken from either balance sheet or p&l account. Thus, there is no additional evidence submitted by the appellant before the CIT(A) in A.Y. 2006-07 - in the assessee’s case, interest expenses were incurred for acquiring debenture, deposit with member society, Fix Deposit of member society, employee saving accounts , interest on over draft facilitate from bank and bank commission, which was claimed by the appellant u/s. 80P(2)(d)(a)(i) - Therefore, it is held that appellant had not incurred any expenditure on the earning of the dividend and interest from other co-operative society as this investment was made long back. No new investment had been made by the appellant during the year under consideration - Decided against Revenue.
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