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2021 (10) TMI 280 - AT - Income TaxRectification of mistake u/s 254 - Deduction u/s 80P(2)(d) computation - inclusion of net interest income earned from co-operative societies - assessee contended that the Tribunal has directed the AO to compute net interest income from the cooperative societies, and thereafter grant deduction under section 80P(2)(d) - HELD THAT:- Tribunal has committed an error which is apparent one by directing the AO to compute only net interest income for the purpose of section 80P(2)(d) of the Act. The gross income is to be considered for deduction under section 80P(2)(d) of the Act. In view of the above decision of SURAT VANKAR SAHAKARI SANGH LTD. [2016 (7) TMI 1217 - GUJARAT HIGH COURT] we expunge the words “net interest” used by us in the finding extracted (supra) and in its place expression “gross interest income” is to be read in the order of the Tribunal. In other words, the ld.AO would grant deduction under section 80P(2)(d) of the Act of whole interest income i.e. gross interest income. MA allowed.
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