TaxTMI 
TaxTMI 
2023 (9) TMI 1667
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....UMAR KEDIA, AM : The captioned appeal has been filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals) - 14, New Delhi ('CIT(A)' in short) dated 29.01.2019 arising from the assessment order dated 26.02.2016 passed by the Assessing Officer (AO) under Section 143(3) of the Income Tax Act, 1961 (the Act) concerning Assessment Year 2013-14. 2. As per the grounds of a....
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....ed to be exempt under Section 80P of the Act. Consequently, assessee has claimed deduction of Rs.28,70,118/- earned by way of interest income from such Banks as exempt under Section 80P of the Act. 4. The Assessing Officer in the course of assessment under Section 143(3) of the Act referred to the judgment of the Hon'ble Supreme Court in the case of Totgars Cooperative Sale Society vs. ITO 322 IT....
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....s, other than Banks in the nature of Co-op. Society is under question. We notice that the issue is squarely covered against the assessee by the judgment of the Hon'ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. vs. CIT (2014) 90 CCH 0075 Delhi High Court. The Hon'ble Delhi High Court observed that Section 80P of the Act provides partial exemption, restricted ....
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....ce that there is no discussion or finding on allowability of expenditure under Section 57 of the Act incurred in relation to earning of interest taxable income under Section 56 of the Act. Hence, we consider it expedient to remit the matter back to the file of AO for re-determination of taxable income for giving appropriate allowances towards expenditure connected to the earning of interest income....