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TMI Blog2024 (7) TMI 1273X X X X Extracts X X X X X X X X Extracts X X X X ..... 2)(d) of the Act with respect to the interest income from co-operative banks/societies. 3. The assessee before us has filed an application for condonation of delay of 52 days which is supported by the Affidavit. It was stated in the application that at the relevant point of time, the order passed by the ld. CIT(A) u/s 250 of the Act was not available for download in the portal. Likewise, the employee who received the order of the ld. CIT-A on his email missed his attention due to the large volume of emails. Thus, it was requested that there was sufficient cause which prevented the assessee from filing the appeal within the specified time. Accordingly, the assessee requested for the condonation of the delay in filing the appeal and for adju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... available for deduction u/s 80P(2)(d) of the Act and accordingly the AO disallowed the same by adding to the total income of the assessee. 8. On appeal, the ld. CIT(A) confirmed the order of the AO but directed the AO to allow the cost incurred by the assessee against the impugned income. The relevant extract of the order of the ld. CIT(A) is as under: "7.8 Next question is the quantum of deduction allowable u/s 80P(2)(a)(i). The AO has mentioned that apart from lending and borrowing, the assessee was also in receipt of interest from banks on Fixed Deposits. Such interest is not business income and is not deductible u/s 80P(2)(a)(i) in view of the decision of the Hon'ble jurisdictional High Court in the case of Pr. Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd as per the provisions of law. 10. On the other hand, the ld. DR did not raise any adjudication if such direction is given to the AO for allowing the cost incurred by the assessee against the impugned income after giving opportunity to the assessee and as per the provisions of law. 11. We have heard the rival contentions of both the parties and perused the materials available on record. There is no ambiguity to the fact that the interest income earned by the assessee from nationalized bank/co-operative banks are not available for deduction u/s 80P(2)(d) of the Act, but the cost incurred against such income should be considered for calculating the amount of interest income from nationalized bank/cooperative banks. As such the net interes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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