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No denial of Sec. 80P relief if no deduction in respect of interest earned on FDs was claimed

February 6, 2019[2019] 102 taxmann.com 110 (Surat-Trib.)
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IT: Where assessee, a co-operative credit society, was engaged in business of providing credit facilities exclusively to its members and had received interest on surplus fund parked with other societies and bank, and Assessing Officer observed that wrong claim of deduction under section 80P(2) was made in respect of interest income received from nationalized banks as interest income earned from other than co-operative societies are not eligible for deduction under section 80P, since assessee had not claimed deduction in respect of interest earned on FDs of banks, Assessing Officer had grossly erred in making disallowance of deduction in relation to amount, which was never claimed by assessee in return of income

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