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2018 (2) TMI 499

Head Note / Extract:
Deduction u/s 80P eligibility - entire income of the assessee for the year under consideration is only from interest on deposits made with bank as well as cooperative banks - AO disallowed the claim of the assessee in toto, on the ground that the assessee is not in the business of banking or not providing credit facilities to its members - Held that:- As regards the deduction u/s 80P(2)(d) the issue stands decided for the AY 2013-14 and accordingly, the order of the Ld. CIT(A) to the extent of the claim u/s 80P(2)(d) is upheld.

For the AY 2014-15 the assessee claimed deduction u/s 80P(2)(c)(ii) on account of interest income on saving bank account of SBBJ deduction 80P(2)(d) in respect of the interest on FDRs/ deposits with Co-operative Banks and in respect of rent for letting out from godowns of ₹ 8,61,399/-, The AO disallowed the entire claim of the assessee and the Ld. CIT(A) has allowed the same without discussing each of the claims separately. Therefore, the Ld. CIT(A) has not discussed the issue of deduction u/s 80P(2)(c)(ii) and accordingly, this issue is common as the issue involved in the AY 2013-14 and hence, the same is set aside to the record of the Ld. CIT(A) for fresh adjudication.

Similarly, the Ld. CIT(A) has not discussed and adjudicated the issue of deduction u/s 80P(2)(e) in respect of income from letting out of godowns. Thus, there is no dispute about the allowability of this deduction in respect of the rental income from letting out of the godowns as per section 80P(2)(e) as there is no condition for availing the deduction under this provision. However, since this issue has not been adjudicated by the authorities below therefore, in the facts and circumstances of the fact, we set aside this issue to the record of the Ld. CIT(A) for proper adjudication, after giving an opportunity of hearing to the assessee.


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