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2021 (4) TMI 914 - AT - Income TaxRejection of deduction claimed u/s 80P(2)(a)(i) - HELD THAT:- We notice that an identical issue has been considered by the co-ordinate bench in the case of Karkala Co-op S Bank Ltd [2021 (2) TMI 854 - ITAT BANGALORE] wherein an identical issue has been restored to the file of AO for examining it afresh. Rejection of deduction u/s 80P(2)(d) of the Act in respect of interest income earned on fixed deposits - HELD THAT:- In the instant case, the assessee has earned both interest income and dividend income. In view of the decision rendered by the jurisdictional Hon’ble High Court of Karnataka in M/S THE TOTGARS' CO-OPERATIVE SALE SOCIETY LTD. VERSUS THE INCOME TAX OFFICER, WARD-1, SIRSI [2015 (4) TMI 829 - KARNATAKA HIGH COURT] the assessee is entitled for deduction of proportionate cost, administrative and other expenses. Accordingly, we set aside the order passed by Ld CIT(A) on this issue and restore the same to the file of the AO with similar directions. Appeal of the assessee is treated as allowed for statistical purposes.
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