2018 (8) TMI 2098

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... DER PER RAJPAL YADAV, JUDICIAL MEMBER : Present appeal is directed at the instance of the assessee against order of ld.CIT(A)-4, Vadodara dated 28.7.2016 passed for the assessment year 2012-13. By this appeal, the assessee has challenged non-allowance of deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. 2. At the outset, the ld.DR submitted that issue is covered in favour of th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... , then proportionate administrative and financial expenses incurred for earning such interest/investment income be allowed to the assessee. 3. Having heard both the parties and on perusal of the record, we find that Assessee is a cooperative society registered under Gujarat Cooperative Societies Act, 1961 and engaged in providing credit facilities to its members. In the return of income, the asse .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... sdictional High Court. Since orders of the Revenue authorities are in accordance with the judgment of the Hon'ble jurisdictional High Court cited supra, no interfere is called for in the impugned orders, which we confirm. However, any expenditure incurred by the assessee for earning such income could be allowed to it, if not already allowed. In other words, the ld.AO has to determine the net inter .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X