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2022 (7) TMI 1001 - AT - Income TaxEstimation of profit - assessee failed to submit complete details about this work contract - HELD THAT:- As assessee failed to demonstrate as to how this contract has generated 2.94% of the profit only. The Assessing Officer after going through all the details rejected the claim of the assessee and estimated the profit at 8%. He accordingly worked out an addition - After going through the well-reasoned finding of both the lower authorities, we do not find any reason to interfere with the same, because according to the finding of the Assessing Officer, no details were submitted by the assessee. Accordingly, this ground of the assessee’s appeal is dismissed. Disallowing the deduction of interest income - investment made out of the surplus funds with Jharkhand State Co-operative Bank - Whether interest income earned from that investment is eligible for deduction or not - HELD THAT:- A perusal of sub-Section (d) would indicate that in respect of any income by way of interest or dividend derives by the co-operative society from its investment with any other co-operative society, the whole of such income shall be eligible for deduction. The whole of income earned from co-operative society by an assessee by way of the interest or dividend shall be eligible for deduction u/s 80P(2)(d) of the Act. The Jharkhand State Cooperative Bank, happens to be a society first and thereafter a bank. Therefore, interest income earned from this bank on investment of surplus fund will qualify for grant of deduction u/s 80P(2)(d) of the Act. We accordingly, delete this disallowance and allow this ground of the appeal.
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