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2017 (8) TMI 1690 - ITAT AHMEDABADDeduction u/s.80P - interest income received by the appellant from Fixed Deposit of nationalized banks under the head income from other sources u/s.56 - HELD THAT:- As stated the assessee deposited the amount in nationalized bank not in Co-operative bank. So far interest income is not eligible for deduction u/s.80P of the I.T. Act. Therefore, we are not inclined to given any relief to the assessee with regard to Ground No.1. Assessee incurred some expenses on the deposit for making FD and also incurred expenses with regard to interest etc. - As relying on case of Totgars Co-operative Sale Society Ltd. [2015 (4) TMI 829 - KARNATAKA HIGH COURT] the appellant is entitle for deduction of proportionate expenditure or actual expenditure which the appellant may have incurred in mobilizing the funds placed in deposit with the bank and the same needs to be calculated by the Assessing Authority. We remit this matter back to the file of the Assessing Officer who will examine the case of the assessee that how much expenditure he has incurred in mobilizing the funds and thereafter, Assessing Officer will pass an appropriate order. Appeal filed by the assessee is partly allowed.
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