Sec. 80P(2)(a)(i) of Income Tax Act, 1961 – Deduction - The assessment order was passed for asst. yr. 2014-15, wherein the AO disallowed the claim of deduction under s. 80P of the IT Act. The reasoning of the AO to disallow the claim of deduction under s. 80P(2)(a)(i) of the IT Act was that the assessee was essentially doing the business of banking, and therefore, in view of insertion of s. 80P(4) of the IT Act w.e.f. 1st April, 2007, the assessee will not be entitled to deduction under s. 80P of the IT Act. CIT(A) upheld the action of AO. ITAT held that “a detailed examination has not been conducted by the AO at the time of assessment. There should be fresh examination by the AO as regards the nature of each loan disbursement and purpose for which it has been disbursed. Therefore, for the said purpose, the issue raised in this appeal is restored to the files of the AO”. Appeal of the assessee allowed for statistical purpose.—ALUVA DESABHIVARDHINI SERVICE CO-OPERATIVE BANK LTD. vs. ITO.[2020] 26 ITCD Online 037 (ITAT-COCHIN)