Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 572 - ITAT CHENNAIDeduction u/s 80P - interest income earned from loans given to associate members - assessee is not entitled for deduction towards interest income earned from loans given to associate members and also interest income earned from deposits with District Central Co-operative Bank - HELD THAT:- We find that the Tribunal had considered an identical issue in assessee’s own case for assessment year 2017-18 [2022 (7) TMI 1379 - ITAT CHENNAI] where under identical set of facts, the Tribunal by following the decision of Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Limited vs. CIT, Calicut [2021 (1) TMI 488 - SUPREME COURT] held that the assessee is entitled for deduction towards interest income earned from loans given to the associate members u/s. 80P(2)(a)(i) of the Act. We are of the considered view that the AO is erred in disallowing deduction claimed u/s. 80P(2)(a)(i) of the Act, in respect of interest income earned from loans given to associate members and thus, we direct the AO to allow deduction as claimed by the assessee. Interest income earned from deposits made with other Co-operative Banks including District Central Cooperative Bank - In this view of the matter and consistent with the view taken by the co-ordinate bench in assessee’s own case for assessment year 2017-18 [2022 (7) TMI 1379 - ITAT CHENNAI] we set aside the issue of interest income earned from deposits made with other Co-operative Banks u/s. 80P(2)(d) of the Act, to the file of the AO and direct the AO to re-examine the claim of the assessee in light of directions given by the Tribunal in the order for the assessment year 2017-18 and decide the issue for the impugned assessment year. Appeal filed by the assessee is allowed for statistical purposes.
|