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2018 (7) TMI 1557 - AT - Income TaxEntitled to deduction u/s 80P(2)(a)(i) - Held that:- We hold that the CIT(A) was justified in directing the A. O. to grant deduction u/s 80P(2)(a)(i) of the I. T. Act. THE CHIRAKKAL SERVICE CO-OPERATIVE BANK LTD. VERSUS THE COMMISSIONER OF INCOME TAX [2016 (4) TMI 826 - KERALA HIGH COURT] Denying the benefit of deduction u/s 80P(2)(a) as regards the trade income earned - Held that:- The specific case of the assessee was that the trade income that it had earned is on account of purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members. Therefore, such income was entitled to deduction u/s 80P(2)(a)(iv) of the I. T. Act. Since the AO nor the CIT(A) had not given any specific reasons for denying the benefit of deduction u/s 80P(2) of the I. T. Act as regards the claim of the assessee on the trade income, we deem it appropriate to remand the matter to the A. O. for fresh consideration. The assessee shall prove with necessary evidence the trade income it had earned was entitled to deduction u/s 80P(2)(a)
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