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2023 (12) TMI 762 - ITAT JODHPURDisallowance of deduction u/s 80P(2)(d) - assessee is a cooperative bank - AO disallowed the deduction and treated interest and dividend income from other sources and added back with the total income of the assessee - HELD THAT:- The status of the cooperative bank where the investment was parked, and the income was generated was never ascertained by the revenue authorities. Here, to determine the taxability of the income of assessee from investment first to ascertain the status of the bank and assessee. DR was unable to bring any specific observation during the hearing. In our considered view, the appeal of the assessee is remanded back to the file of the ld. CIT(A) to determine the income in the light of discussion indicated above. Needless to say, the assessee should get reasonable opportunity in set aside proceeding. Appeals of the assessee allowed for statistical purpose.
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