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2023 (1) TMI 272 - AT - Income TaxPenalty u/s 270A - deduction u/s 80P(2)(d) - Addition of a sum on the ground that the assessee was not entitled to deduction u/s 80P, since the receipt of income was not from the co-operative society - HELD THAT:- On perusal of the computation of statement of income filed along with the return, it is clear that the assessee has not claimed deduction u/s 80P(2)(d) of the I.T.Act with reference to the interest income received from RECL. Since the assessee has not claimed deduction u/s 80P(2)(d) of the I.T.Act with reference to the interest income earned on investments with RECL, we find penalty u/s 270A of the I.T.Act cannot be imposed. Appeal filed by the assessee is allowed.
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