TaxTMI 
TaxTMI 
2018 (12) TMI 1313
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....astava, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER: Assessee is in appeal before the Tribunal against order of ld.CIT(A)-4, Vadodara dated 30.9.2016 passed for the assessment year 2013-14. 2. The grounds raised in the appeal of the assessee are descriptive in nature, which in fact raises only one issue i.e. denial exemption under section 80P(2)(a)(i)/(ii) and 80P(2)(d) of the Income Tax Act....
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....d relied upon certain case laws. The ld.AO did not accept the submissions of the assessee, as he found that the cases relied upon by the assessee covers only cooperative bank which are doing banking business and not cooperative society engaged in providing credit facilities to its members. He accordingly denied the claim of the assessee and added to the income of the assessee. In appeal before the....
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....s. CIT, 72 taxmann.com 64 (Guj) wherein it has been held that cooperative society engaged in the business of providing credit facilities to its members which earns interest income on the surplus funds parked with the nationalised banks, is not eligible for deduction under section 80P(2)(a)(i) of the Act. Since impugned orders of Revenue authorities are in consonance with judgment of the Hon'ble Hi....
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....are in accordance with 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 interest income as well as misc. income earned by the assessee, and only....