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2018 (7) TMI 1465 - AT - Income TaxDeduction claimed by the appellant-co-operative society under section 80-P denied - whether interest income earned on fixed deposits with the nationalized bank and co-operative bank would qualify for deduction under section 80P(2)(a)(i), 80P(2)(c) 80P(2)(d)? - Held that:- Direct the AO to exclude the amount of net interest income from the deduction claimed u/s 80P(2)(a)(i) of the Act. Thus the AO will allow the expenses incurred by the assessee in the earning of such interest income not eligible for deduction under section 80P(2)(a)(i) of the Act. Similarly, we also direct the Assessing Officer to allow the deduction to the assessee for the amount of interest earned from the co-operative bank under section 80P(2)(d) of the Act. Similarly, we also further direct the Assessing Officer to allow the deduction to the assessee under section 80P(2)(c) of the Act. Hence, grounds of appeal filed by the assessee are allowed for statistical purposes.
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