2018 (10) TMI 1971

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....R ORDER PER C.M. GARG, JUDICIAL MEMBER: This appeal has been filed by the Assessee against the order of Commissioner of Income Tax (Appeals)-1, Surat ('CIT(A)' for short) dated 27.07.2016 for the Assessment Year (A.Y) 2013-14. 2. The grounds raised by the Assessee read as follows: 1. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Inco....

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....id disallowance made by Assessing Officer and confirmed by ld. CIT(A) may kindly be deleted. The ld. AR submitting copy of order of ITAT 'D' Bench, Ahmedabad dated 28.08.2018 in the case of Shree Dhansobhavak Cooperative Credit Society Ltd. vs. ITO in ITA No.3375/Ahd/2016 and submitted that the AO has to determine the net interest income as well as net misc. income earned by the assessee, and only....

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.... has no serious objection if the sole issue for limited purpose is restored to the file of the A.O in view of proposition rendered by ITAT 'D' Bench, Ahmedabad in the case of Shree Dhansobhavak Co-operative Credit Society Ltd. (supra) for calculation of correct amount of disallowance by considering the net interest income and net misc. income. 5. On careful consideration of above rival submission....

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....e correct and in accordance with the ratio of decision of Hon'ble High Court and there is no reason before us to interfere with the same and thus, we confirm the same. 6. Before we part with the order, we find it justified and necessary to observe that any expenditure incurred by the assessee for earning such income, which has not been claimed and allowed, could be allowed to the assessee mea....