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Section 80P, read with section 14A, of the Income-tax Act, 1961 - Deductions - Income of co-operative societies - Assessment year 2002-03 - Whether deduction under section 80P(2)(d) would be allowed to assessee after excluding expenditure attributable to earning of eligible income - Held, yes [In favour of revenue] CASE REVIEW CIT v. King Export [2009] 318 ITR 100 (Punj. & Har.) (para 15) and CIT v. Doaba Co-operative Sugar Mills (Ltd.) [1998] 230 ITR 774 / 96 Taxman 509 (Punj. & Har.) (para 15) distinguished. CASES REFERRED TO CIT v. King Export [2009] 318 ITR 100 (Punj. & Har.) (para 10), CIT v. Doaba Co-operative Sugar Mills Ltd. [1998] 230 ITR 774 / 96 Taxman 509 (Punj. & Har.) (para 10), Sabarkantha Zilla Kharid V. Sangh Ltd. v. CIT [1993] 203 ITR 1027 / 69 Taxman 619 (SC) (para 10) and CIT v.Walfort Share & Stock Brokers (P.) Ltd. [2010] 192 Taxman 211 (SC) (para 10). M.R. Sharma for the Appellant. Ms. Urvashi Dhugga for the Respondent. JUDGMENT Ajay Kumar Mittal, J. - This order will dispose of two appeals, Income-tax Appeal Nos. 530 of 2006 and 516 of 2008 as the counsel for the parties submit that common questions are involved in these appeals. The facts have been taken from Income-tax Appeal No. 530 of 2006. 2. This appeal under section 260A of the Income-tax Act, 1961 (for short "the Act") has been filed by the assessee against the order dated 27-4-2006, passed by the Income-tax Appellate Tribunal Chandigarh Bench, Chandigarh (in short "the Tribunal") in ITA No. 1068/Chandi/2005, relating to the assessment year 2002-03. 3. The appeal was admitted on 13-11-2007 for determination of the following substantial questions of law by this Court : "(1)Whether the Tribunal is correct in law in holding that while computing the interest income derived from another co-operative societies for the purposes of computing deduction under section 80P(2)(d), the expenses can be attributed and deducted more so when these are not identifiable? (2)Whether in the facts and in the circumstances of the case the ITAT order directing the deduction of expenses attributable to the earning of interest income for the purpose of determining deduction under…

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