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2018 (3) TMI 1616 - AT - Income TaxSection 80P deduction - sums received in the nature of interest income derived from parking of surplus funds in the payer/co-operative banks - Held that:- As decided in CIT vs. Sabarkantha District Cooperative Milk Producers Union Ltd.[2014 (6) TMI 977 - GUJARAT HIGH COURT] declining Revenue’s identical question of law challenging tribunal’s decision allowing Section 80P deduction in respect of interest earned on fixed deposits with a cooperative bank in assessment year 2009-10 i.e. post Section 80P(4) amendment w.e.f. 01.04.2007 Considering Section 80(P)(2)(d) of the Act when the only requirement was that the income should be received from investment in Cooperative Societies and the Cooperative Bank which in the present case has been fulfilled, it cannot be said that the learned Tribunal has committed any error in deleting disallowance under section 80(P)(2)(d) of the Act. - Decided in favour of assessee. Section 14A disallowance - Held that:- Hon’ble apex court’s latest judgment in Maxopp Investment Ltd. vs. CIT [2018 (3) TMI 805 - SUPREME COURT OF INDIA] settling the law that the impugned disallowance has to be made in case an assessee has derived any exempt income regardless of its purpose test. We thus accept Revenue’s instant substantive ground in principle and direct the Assessing Officer to frame consequential computation as per law after affording adequate opportunity of hearing to the assessee.
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