2018 (8) TMI 1187

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....er s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") dated 05.08.2016 relevant to Assessment Year (AY) 2014-15. 2. The grounds of appeal raised by the assessee are as under:- "1. The learned CIT(A) erred in law and on facts in confirming the disallowance of deduction of Rs. 6,88,172/- under section 80P of the Income Tax Act, 1961, such deduction is requested be allowed. 2. The learned CIT(A) erred in confirming the allocation all the common expenses towards interest income only and reduction of deduction under section 80P by the AO, such expenses are requested to be allotted to all the incomes. 3. The learned CIT(A) erred in confirming the non granting exemption under section 80P(2)(c)....

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.... 80P(2)(a)(iv) and 80P(2)(a)(vi) of the Act. The assessee also claimed that it had prepared separate profit and loss account for each of its activities. The assessee in its profit and loss account has shown following income: Sr. No.Business Activities Net Profit in Rs. 1. Net Interest Income (Balance of returned income less net income earned from other business activating mentioned below from Sr. No.2 to 9) 1871878 2. ATM Rent 60000 3. Torrent Bill commission 60731 4. Mineral Water Sale 95100 5. Gas distribution 419797 6. Provision / Grain Store 752 7. Bakery 45000 8. Consumer Rent 36000 9. Torrent Power Deposit Interest  17440 10. SBI in....

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....n to concern income. Accordingly, the ld. AR prayed before us to give the direction to the lower authorities for allowing the expenses incurred by it in relation to other income not eligible for deduction u/s 80P of the Act. On the other hand, ld. DR did not object if the matter restore back to the file of the AO for allocating the expenses among all the heads of incomes as discussed above and for fresh adjudication in accordance with the law. 7. We have heard the rival contentions and perused the materials available on record. At the outset, we find identical facts and circumstances in the own case of the assessee pertaining to the A.Y. 2012-13 in ITA No.3284/Ahd/2015; the ITAT has given the direction to allocate the expenses among d....