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2018 (4) TMI 322 - AT - Income TaxDenial of deduction u/s 80P(2)(d) - Held that:- The assessee has claimed deduction u/s 80P(2)(d) which provides for deduction in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society. This deduction is available only if the income or dividends are derived by the assessee from cooperative society. A perusal of the impugned order reveals that the assessee has derived income from various Banks, cooperative or otherwise, and not from any co-operative Society. Extending the same logic and finding clear-cut distinction between ‘cooperative society’ and ‘cooperative bank’, we hold that the assessee was not entitled for deduction u/s 80P(2)(d). This ground of assessee’s appeal stands dismissed. Alternative claim of the assessee u/s 80P(2)(a)(i) which provides for deduction with respect to profits and gains of business attributable to carrying on the business of banking or providing credit facilities to its members - we find that this issue would require examination of certain financial aspects and Ld. first appellate authority has not examined the claim of the assessee u/s 80P(2)(a)(i). Therefore, without delving much deeper, we deem it fit to restore the matter back to the file of Ld. CIT(A) for adjudication thereof. This ground of assessee’s appeal stands allowed for statistical purposes.
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