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2021 (7) TMI 491 - AT - Income TaxDeduction claimed u/s 80P(2)(a)(i) - AO rejected the claim on the reasoning that the assessee is a bank, and hence provisions of 80 P are not applicable - HELD THAT:- We notice that, an identical issue has been considered by the co-ordinate bench in the case of Karkala Co-op Bank Ltd [2021 (2) TMI 854 - ITAT BANGALORE] wherein an identical issue has been restored to the file of Ld.AO for examining it afresh as held that the Hon’ble Supreme Court has settled many issues in the decision rendered by it in the case of Mavilayi Service Co-operative Bank Ltd.[2021 (1) TMI 488 - SUPREME COURT] and since the facts prevailing in the instant case needs to be examined afresh in the light of the principles enunciated by Hon’ble Supreme Court in the above said case. Rejection of deduction u/s 80P(2)(d) - interest income earned on fixed deposits with other cooperative societies - HELD THAT:- In the instant case, the assessee has earned interest income from fixed deposits with other banks. In view of the decision rendered in case Totgars Co-operative Sale Society Ltd. [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. Grounds raised by assessee stands allowed for statistical purposes
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