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2019 (11) TMI 407 - AT - Income TaxDeduction u/s 80(P)(2)(a)( i) - HELD THAT:- As is discernible from a perusal of Sec. 80P(2)(a)(i), the same envisages a deduction in respect of the whole of the amount of profits and gains of business “attributable to” the specified activities of the co-operative society. In our considered view, the term “attributable to” which is much wider in impact than the expression “derived from”, would thus also cover receipts from other activities related to the business of banking. As the assessee before us is co-operative credit society and not a co-operative bank, therefore, it would not be hit by the provisions of Sec.80P(4) as had been made available on the statute by the Finance Act, 2006, w.e.f 01.04.2007. - Apart there from, we find that the Tribunal in the assesses own case for A.Y 2014-15 [2019 (6) TMI 1293 - ITAT MUMBAI] had concluded that the assessee society was duly entitled for claim of deduction u/s 80P(2)(a)(i) of the Act. - the assessee society was duly entitled for claim of deduction u/s 80P(2)(a)(i) of the Act. We thus not finding any infirmity in the order of the CIT(A), who had rightly concluded that the assesses claim for deduction under Sec. 80P(2)(a)(i) was in order, uphold his order in context of the issue under consideration. Deduction under Sec. 80P(2)(d) - Power of CIT(A) u/s 251 to bifurcate the income into Business income u/s 218 and investment income u/s 56 - HELD THAT:- the assesses claim for deduction under Sec. 80P was declined by the A.O on the standalone basis of a conjoint reading of Sec.80P(2)(a)(i) r.w.s 80P(4). In our considered view, the CIT(A) before resorting to the aforesaid fresh basis for restricting the assesses claim for deduction under Sec.80P to an amount of ₹ 52,12,193/-, in all fairness, should have afforded an opportunity of being heard to the assessee and called for his objections, if any, as regards the same. Appeal of the revenue is dismissed and the appeal the assessee is allowed for statistical purposes.
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