2023 (4) TMI 282

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....so an affidavit of the Assessing Officer stating therein the reasons for belated filing of this appeal. 3. We have perused the reasons stated in the affidavit of the A.O. for belated filing of this appeal. We find there is sufficient cause in late filing of this appeal and no latches can be attributed to the Revenue. Hence, we condone the delay in filing this appeal and proceed to dispose of the matter on merits. 4. The grounds raised read as follows:- "(i) The CIT(A) has erred in not uploading the decision of AO in withdrawing the deduction claimed u/s 80P(1)(d) of the IT Act ignoring the fact that the said interest income had accrued to the assessee on account of deposits with scheduled Banks which is against the provisions....

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....ome declared by the assessee in the return Rs.35,380.00 Add : 1. Disallowance of deduction u/s 80P(2)(a)(i) and considered as business income / loss Rs.1,22,30,068.00 2. Disallowance of deduction u/s 80P(2)(d) and considered as `income from other sources' Rs.2,47,36,787.00 3. E-stamping commission, considered as income from other sources. Rs.85,380.00 4. Disallowance u/s 40(a)(ia) as discussed above. Rs.9,01,767.00   Rs.3,79,89,382.00 Total Income R/O Rs.3,79,89,382.00 6. Aggrieved, the assessee filed appeal before the first appellate authority. The CIT(A) vide the impugned order dated 21.11.2022, disposed of the assessee's appeal. The CIT(A) partly allowed the assessee's appeal. 7. Aggrieve....

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....it is entitled to deduction u/s 80P(2)(d) of the I.T.Act? We find in assessee's appeal, the Tribunal has confirmed the disallowance claimed u/s 80P(2)(d) of the I.T.Act. However, the Tribunal by following the judgment of the Hon'ble jurisdictional High Court in the case of Totgars Co-operative Sale Society Ltd. reported in 231 Taxman 794, restored the matter to the A.O. The Tribunal directed the A.O. to examine whether the assessee had incurred any expenses for earning the said interest income, which was being assessed as income from other sources u/s 56 of the I.T.Act, and if so, such expenditure ought to be allowed as a deduction u/s 57 of the I.T.Act. Since the issue in assessee's appeal has already been restored to the files of the A.O.....