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2019 (4) TMI 682 - AT - Income TaxDeduction u/s.80P - eligibility to interest - HELD THAT:- Net figure which has been considered by the CIT for treating the assessment order as erroneous and prejudicial to the interest of the Revenue by holding that the gross amount of interest should have been charged to tax and not net interest. In our considered opinion, when the interest itself is eligible for deduction u/s.80P the compulsion of the assessee to offer certain amount in order to enable the completion of the assessment, cannot be stretched so far so as to bring the entire amount of interest received from bank to tax which is otherwise deductible in view of various decisions discussed in the preceding para. Once we hold that the entire amount of interest is eligible for deduction u/s.80P, the order of the CIT directing the AO to charge to tax the full amount of interest and not its part, becomes automatically unsustainable. We, therefore, vacate the impugned order.
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