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2021 (10) TMI 867 - AT - Income TaxClaim of deduction u/s 80P(2)(d) - interest income received from Co-operative Bank - assessee has not made claim of deduction u/s 80P in the return of income - HELD THAT:- Where claim of deduction under section 10A/10AA/10B/10BA or any provisions of Chapter VIC is not made in the return of income, the deduction shall not be allowed to the assessee. In the present case the assessee has claimed deduction under section 80P(2)(d) of the Act in respect of interest income from Co-operative Bank by way of note during assessment proceedings. Section 80P falls under Chapter VI-C, therefore, the provisions of section 80A(5) precludes the assessee to make claim of deduction under section 80P from any other mode other than the return of income. It would be relevant to mention here that this appeal was refixed for hearing especially to give an opportunity to the ld.Authorized Representative of the assessee to make his submissions to counter the provisions of section 80A(5) of the Act. The ld.Authorized Representative of the assessee filed a Paper Book giving written submissions and giving list of case laws primarily on admission of additional ground and new claim legally admissible during appellate proceedings. In the present case even though the assessee’s claim of deduction under section 80P(2)(d) of the Act is allowable, however, since the assessee has failed to qualify the additional condition imposed by section 80A(5), the assessee would not be entitled to claim said deduction, even if, otherwise the assesssee is eligible for deduction under section 80P(2)(d) From literal interpretation of provisions of Section 80A(5) it is explicitly clear that for claiming deduction under Chapter VIC, the precondition is making claim of deduction in the return of income.- Decided against assessee.
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