ITAT Allows Deductions Under Sections 80P(2)(d) and 80P(2)(iv), Rejects Section 14A Disallowance

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....The ITAT reversed the CIT(A)'s confirmation of the AO's disallowance, directing allowance of deductions under sections 80P(2)(d) and 80P(2)(iv) of the Act. It held that deduction under section 80P(2)(d) for dividend and interest income from investments in cooperative societies is permissible on the gross amount, not net, distinguishing prior case law concerning business profits. The claim for deduction on profits from seed sales under section 80P(2)(iv) was upheld as per earlier ITAT decisions, allowing a 20% attribution of indirect expenses. Regarding section 14A read with Rule 8D disallowance for expenses incurred to earn exempt income, the tribunal ruled that such provisions do not apply to expenses related to income deductible under Cha.........