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2017 (1) TMI 1601 - AT - Income TaxEntitled to the benefit of deduction u/s 80P(2)(a)(i) - interest income earned from nationalized bank, scheduled bank and TDS on interest i.e. interest income other than derived from investments with any other co-operative society - Held that:- Assessee is not eligible for deduction u/s 80P(2)(a)(i) of the Act on the interest income earned from surplus deposits held with Nationalized/Scheduled banks. Assessee will be eligible to statutory deduction of ₹ 50,000/- u/s 80P(2)(c)(ii) of the Act. Assessee will also be eligible to claim pro rata expenses for earning interest income of ₹ 8,55,854/- assessee’s claim of pro rata expenses of ₹ 5,77,423/- against the interest income of ₹ 8,55,854/- after due verification by the learned Assessing Officer. We, therefore, direct the Assessing Officer to verify assessee’s claim of pro rata expenses by examining the record to be shown for verification by the assessee. Needless to mention proper opportunity of being heard is to be given to the assessee. We order accordingly. The appeal of the assessee is partly allowed for statistical purposes.- Appeal of the assessee is partly allowed for statistical purposes
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