TMI Blog2017 (5) TMI 1655X X X X Extracts X X X X X X X X Extracts X X X X ..... ts with Bank of India, HDFC Bank, State Bank of India and Development Credit Bank. The said issue is squarely covered by the order of the Tribunal in ITO Vs. Niphad Nagari Sahakari Patsanstha Ltd. [2015 (1) TMI 1004 - ITAT PUNE] wherein the Tribunal had held that the assessee is entitled to claim deduction under section 80P(2)(a)(i) on the interest income received by it on bank fixed deposits. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grounds of appeal:- 1. Whether on the facts and in the circumstances of the case, the Ld.CIT(A)-I, Nashik was justified in allowing the deduction u/s.80P(2)(a)(i) amounting to ₹ 53,60,042/- in respect of interest earned on fixed deposits with Nationalised Bank. 2. Whether on the facts and in the circumstances of the case, the Ld.CIT(A)-I, Nashik was justified in relying on the Hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present appeal is covered by the order of the Tribunal. 4. The only issue raised in the present appeal is against claim of deduction under section 80P(2)(a)(i) of the Act at ₹ 53,60,042/- in respect of interest earned on fixed deposits with Nationalised Banks. 5. Briefly in the facts of the case the assessee society was a registered cooperative society carrying on Banking business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 53,60,042/- was added to the total income of the assessee under section 56 of the Income Tax Act. 6. The CIT(A) relying on the ratio laid down by the Pune Bench of the Tribunal in the case of ITO Vs. Niphad Nagari Sahakari Patsanstha Ltd. In ITA No.1336/PUN/2011 relating to assessment year 2008-09 dated 31- 07-2013 allowed the claim of the assessee. 7. The Revenue is in appeal ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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