Re: Effect of 40A(3) disallowance on eligible deduction under section 80P(2)(a)(i).

I am secretary of credit co-operative society. The society eligible for the deduction under 80P(2)(a)(i) .Net profit of the society is Rs 50,00,000/- for the Financial year 2019-20. After giving effect of disallowance of Rs 6,00,000/- under section 40A(3) and another disallowance of Rs 4,00,000/- under section 40a(ia),the gross total income comes to 60,00,000/-.
What will be my eligible deduction under section 80P(2)(a)(i) of the income tax act?
Whether it is of Rs 50,00,000/- or 60,00,000/-? is it liable to pay taxes on disallowances?

Reference is drawn to the decision of the Hon’ble ITAT Kolkata Bench in the case of Goghat Thana Large Sized Primary Cooperative Agricultural Marketing Society Ltd. v. ACIT [2018] 100 taxmann.com 460 (Kolkata - Trib.)[30-11-2018] where the Tribunal relied on CBDT Circular No. 37 of 2016, dated November 02, 2016 in the context of enhanced claim of deduction under section 80IA with regard to disallowances made under sections 40a(ia), 40A(3) and 43B of the Act etc, and held that assessee's income was eligible for deduction under section 80P of the Act and, thus, aforesaid disallowance would only lead to enhanced deduction under section 80P of the Act

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