TMI Blog2019 (3) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - ITA No.1658/Kol/2018 - - - Dated:- 28-2-2019 - Shri S.S, Godara, Judicial Member For the Appellant : Shri Debeyan Patra, FCA For the Respondent : Shri C.J. Singh, JCIT-SR-DR ORDER This assessee s appeal for assessment year 2012-13, arises against the Commissioner of Income-tax (Appeals)-14, Kolkata s order dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e society from the loan given to the members be not considered as ineligible for deduction by virtue of section 80P(4) of the IT Act. On receiving no explanation from, the appellant, the AO disallowed the claim made on account of interest provisioning of ₹ 7,02,495 and added the same to the total income of the appellant. Aggrieved, the appellant during the appellate proceedings submits that the appellant is a primary co-operative credit society. It is further submitted that as per the definition of a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, 1949, the appellant is not a co-operative bank and does not come within the mischief of the provisions of section 80(P)(4) of the IT Act. it is therefore pleade ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Similarly, the appellant has chosen to remain silent with respect to receipt of such loans, the parties from whom such loans have been received and details of each such loans and interest expended or provisioned in respect of the same. for claiming any deduction under the scheme of the Act, the onus is on the assessee to prove that requisite income of which deduction is claimed has been actually of the nature mandated under the provisions of the Act. In the instant case, in spite of being asked by the AO and during the appellate proceedings, the appellant has been unable to provide any evidence to verify the nature of income or claim of expense in respect of which it canvases its argument for seeking deduction under section 80P(2)(a)(i) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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