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2. The learned CIT(A) has erred affirming with the learned AO in denying deduction u/s. 80P(2)(c) amounting Rs. 50,000/- available to a cooperative society.

3. The appellant further reserves the right to add, amend or alter the aforesaid grounds of appeal as they may think fit by themselves or by their representatives.

3. Brief facts of the case are the return of income for the AY 2013-14 was e-filed on 03.10.2013 declaring total income at Rs.NIL/-. The return of income H in d u s t an C o - o pe r at i v e C r e d i t S oc i e ty L i m i te d was processed u/s. 143(1) of the IT Act. The case was selected for scrutiny under CASS. The assessee has shown Gross Total Income of Rs.7,65,358/- and claimed deduction u/s.80P(2) of the IT Act of Rs.7,65,358/- thereby declaring total income at Rs. Nil. During the course of assessment proceedings, various details/explanation were, called for and placed on record. After careful consideration, The AO held that the assessee's case falls within the mischief of sub-section (4) of section 80P and the assessee has not following the principal of mutuality concept and therefore, the deduction claimed u/s. 80P(2) was disallowed. Also the assessee earned interest income from FD/Deposit from ICICI Bank Ltd. and Central Bank of India amounting Rs.1,56,227/- and Rs.32,101/- respectively but not offered for tax. Therefore, interest income amounting to Rs.1,88,328/- was added to the total income of the assessee under the head income of other sources.