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2015 (7) TMI 738 - AT - Income TaxDeduction u/s.80P(2)(d) - Whether CIT (Appeals) ought to have considered the fact that deduction u/s.80P(2)(d) is allowable only on net receipts after deducting the expenses from the gross receipts of interest and that the Assessing Officer has rightly disallowed the deduction u/s.80P(2)(d) on prorata basis - Held that:- The argument of the ld. Departmental Representative is misconceived. The Departmental Representative cannot raise the issue what was not considered by the Assessing Officer. The issue before the Assessing Officer was whether the gross income or net income to be considered for deduction u/s.80P(2)(d) of the Act. The Commissioner of Income Tax (Appeals) while deciding the issue followed the Co-ordinate Bench decision in the case of M/s. SL(SPL) 151 Karkudalpatty PACCS Ltd vs. ITO [2014 (5) TMI 556 - ITAT CHENNAI ] and allowed the claim of the assessee. So, we are not in a position to reverse the findings of the Commissioner of Income Tax (Appeals) as the decision of Commissioner of Income Tax (Appeals) was based on the orders of Co-ordinate Bench which is binding on this Tribunal. - Decided against revenue.
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