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2018 (2) TMI 511

Head Note / Extract:
Eligibility of deduction u/s. 80P - assessee claimed interest income under the head ‘profit and gains’ from its business - whether assessee is entitled to claim deduction under section 80P(2)(a)(i) on the amount of interest received u/s. 244A of the Act and interest earned on FDs from bank should be assessed under the ‘profit & gains of business’? - Held that:- In the present case, the AO found that the assessee earned interest from SBI and treated the same as income from other sources. We find that in the aforementioned decision, the Hon’ble High Court of Calcutta directed the AO to work out the interest expenses that might have been incurred by the assessee in earning the impugned amount under the head ‘interest’ from SBI. Thus remand the issue to the file of the AO, to verify the expenses that may have been incurred in earning the impugned amount i.e. ₹ 39,30,537/- and whether such investments were made out of its own surplus fund or out of the amount payable to its members. Accordingly, the grounds raised by the revenue are allowed for statistical purpose.


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