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2021 (5) TMI 511 - AT - Income TaxDeduction u/s 80P(2)(d) - assessee inter-alia earned interest income from Co-operative Banks - Whether the assessee is eligible for the benefit of deduction u/s. 80P(2)(d) of the Act on interest income from Co-operative Banks? - conflicting decisions - HELD THAT:- No judgement by the Hon’ble Jurisdictional High Court on this issue was brought to our notice. The Hon'ble Bombay High Court in the case of K. Subramanian vs. Siemens India Ltd. [1983 (4) TMI 3 - BOMBAY HIGH COURT] has held that when two conflicting decisions of non-jurisdictional High Courts are available, the view that favours the assessee is to be preferred. Accordingly, following the decision of Hon'ble Karnataka High Court in the case of Totagars Co-operative Sale Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] and case of Vankar Sahakari Sangh. [2016 (7) TMI 1217 - GUJARAT HIGH COURT] we answer the first question in affirmative. Thus, we hold that the assessee is eligible to claim deduction under section 80P(2)(d) of the Act in respect interest income on fixed deposits with the cooperative banks. Computation of deduction u/s. 80P(2)(d) - Whether the assesses’ claim of deduction u/s. 80P(2)(d) of the Act can be accepted on the bases of revised computation of income? - HELD THAT:- In the present case, the assessee had reflected interest income in the Balance Sheet. Drawing analogy from decisio RAMCO INTERNATIONAL [2008 (12) TMI 413 - PUNJAB AND HARYANA HIGH COURT] we hold that the assessee’s claim of deduction u/s. 80P(2)(d) was not a fresh claim, the details were already available on record. It is pertinent to mention here that no separate form or certificate is required to be filed for claiming deduction u/s.80P. By filing revised computation of income, the assessee merely regularised its claim of deduction. Thus, in peculiar facts of the case, we answer second question in favour of the assessee. However, we restrict the assessee’s claim of deduction u/s.80P(2)(d) of the Act to the extent of interest income from Cooperative Banks only.
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