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2017 (8) TMI 1493 - AT - Income TaxClaim for deduction u/s. 80P denied - break-up details of interest income not furnished - Held that:- From the computation of total income furnished by the assessee as noticed that an amount of ₹ 20,50,220/- has been assessed by the Assessing Officer under the head “Income from other sources” - the same actually represents interest received from the bank deposits. As noticed that the assessee had received interest from the bank deposits to the tune of ₹ 22.61 lakhs and set off of brought forward loss of ₹ 2.11 lakhs and accordingly, declared net interest income of ₹ 20.50 lakhs - the breakup of details of interest receipts has not been furnished by the assessee. However, we agree in principle with contention of the assessee that interest received from the cooperative bank is eligible for deduction u/s. 80P(2)(d) relying on case of Totagars Cooperative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT]. However the break-up details of interest income require verification. Set aside the order passed by the learned CIT(A) and restore this issue to the file of the Assessing Officer for the limited purposes of verifying the breakup details interest income received by the assessee and also direct the Assessing Officer to allow deduction u/s. 80P(2)(d) of the Act in respect of interest received from the cooperative banks/societies. - Decided in favour of assessee for statistical purposes.
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