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2023 (2) TMI 1062 - AT - Income TaxDeduction u/s 80P(2)(a)(i) - proportionate adjustments disallowance - interest earned from nominal members - assessee received interest on investments in BDCC Bank on RFD of which the assessee claimed deduction u/s 80P(2)(a)(i) whereas the AO has disallowed proportionate adjustments as calculated by him in his order - HELD THAT:- Since the case was not properly presented before the lower authorities & also noted that in the grounds of appeal, the assessee has quoted three judgments which are as under The Mavilayi Service Coop Bank Ltd & Others [2021 (1) TMI 488 - SUPREME COURT], Tumkur Merchants Souharda Credit Cooperative Ltd [2015 (2) TMI 995 - KARNATAKA HIGH COURT], Guttigedarara Credit Cooperative Society Ltd Vs Income Tax Officer [2015 (7) TMI 874 - KARNATAKA HIGH COURT] Considering the grounds of appeal raised by the assessee & interest of justice, the case is remitted back to the AO for a fresh consideration in the light of the above three judgments and the assessee is directed to file necessary documents in support of his claim and not to seek unnecessary adjournments for early disposal of the case. Needless to say that reasonable opportunity of being heard to be given to the assessee. AO will decide the issue as per law. Appeal of the assessee is allowed for statistical purposes.
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