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2022 (7) TMI 1261 - AT - Income TaxDeduction u/s 80P - interest on bank deposits - HELD THAT:- As stated by the ld. AR, and rightly so, the Tribunal in the case of Gramin Sewa Sahakari Samiti Maryadit & Ors [2022 (3) TMI 75 - ITAT RAIPUR] had after drawing support from the judgment in the case of Tumkur Merchants Souharda Cooperative Ltd.[2015 (2) TMI 995 - KARNATAKA HIGH COURT] had after exhaustive deliberations concluded, that interest income earned on the surplus funds which were parked as deposits by the co-operative society in the normal course of the business of providing credit facilities to its members, i.e., at a point of time when there were no takers for the said funds was duly entitled for deduction under Sec. 80P(2)(a)(i). We, thus, in terms of our aforesaid observations direct the AO to allow the assessee’s claim for deduction under Sec. 80P(2)(a)(i). Deduction of the income from paddy procurement business u/s 80P(2)(a)(iii) - HELD THAT:- As decided in GRAMIN SEWA SAHAKARI SAMITI MARYADIT, SEWA SAHAKARI SAMITI MARYADIT RAJNANDGAON [2022 (3) TMI 75 - ITAT RAIPUR] we are of the considered view that as the compilation of the paddy procurement by the assessee-society has been filed before us as additional documentary evidence, and the same was not there before the lower authorities, therefore, the matter in all fairness requires to be revisited by the AO. We, thus, in terms of the aforesaid observation set-aside the matter to the file of the Assessing Officer, with a direction to re-adjudicate the same after considering the additional documentary evidence that had been filed by the asssessee before us. A.O shall after determining as to what extent the assessee society had facilitated the marketing of the agricultural produce grown by non-members, therein, restrict the assessee’s claim for deduction u/s. 80P(2)(a)(iii) of the Act only to the extent of the profit relatable thereto.
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