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2018 (8) TMI 1187 - AT - Income TaxDisallowance of deduction u/s 80P - income earned from the financing activities with the members - allocation of all the common expenses towards interest income only - Counsel for the assessee before us claimed that before disallowing the deduction u/s 80P of the Act in respect of other income as discussed above, the AO should have allowed the claimed of the expenses incurred by the assessee in relation to such other income not eligible for deduction u/s 80P of the Act. In support of his contention, ld. AR submitted that in the identical facts and circumstances, the Hon’ble ITAT in the A.Y. 2012-13 in the own case of the assessee has directed to allow the expenses incurred in relation to concern income. Accordingly, the ld. AR prayed before us to give the direction to the lower authorities for allowing the expenses incurred by it in relation to other income not eligible for deduction u/s 80P of the Act. Matter remanded back.
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