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2019 (3) TMI 359 - AT - Income TaxDisallowance of deduction of interest by virtue of section 80P(4) - provision for interest payment allowability - as per AO interest income of the society from the loan given to the members be not considered as ineligible for deduction by virtue of section 80P(4) - HELD THAT:- It transpires during the course of hearing that no exempt income has been derived at the assessee’s behest in the impugned assessment year. I put a specific query as to whether the assessee had claimed any 80P deduction or not in the impugned assessment year. Learned counsel has filed assessee’s computation of income, return as well as acknowledgement of the impugned assessment year nowhere indicating such a deduction claim. Thus hold in these facts and circumstances that both the lower authorities have erred in disallowing assessee’s interest claim vide its above extracted detailed reasoning referring sec. 80P(2) of the Act. Thus direct the Assessing Officer to delete the impugned addition therefore. - Decided in favour of assessee.
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