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2022 (6) TMI 936 - AT - Income TaxDeduction u/s 80P - Denial of interest received from TAICO Bank claimed as deduction - CIT(A) allowed the claim of the assessee u/s. 80P(2)(a)(vi) - HELD THAT:- There is a judicial precedence by the Hon'ble High Court of Madras in THE SALEM AGRICULTURAL PRODUCERS CO-OPERATIVE MARKETING SOCIETY LTD. [2016 (9) TMI 699 - MADRAS HIGH COURT] carrying force of binding nature covering the case of the assessee in its favour on the issue of claim of deduction u/s. 80P(2)(d) of the Act, affirming the decision of the coordinate bench of ITAT, Chennai [2014 (6) TMI 921 - ITAT CHENNAI] Reliance placed by the Ld. CIT(A) on the decision of PCIT vs Totgars Cooperative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] is not a jurisdictional court and possibly the judgment of Hon'ble Jurisdictional High Court of Madras (supra) was not placed before him. Considering the aspect of judicial discipline and hierarchy, respectfully following the decision of the Hon'ble Jurisdictional High Court of Madras in the case of CIT vs The Salem Agricultural Producers Co-operative Marketing Society Ltd. (supra), we are of the view that the assessee is entitled to claim deduction u/s. 80P(2)(d) of the Act in respect of interest received from Co-operative bank at Rs. 68,47,885/- derived from The Tamilnadu Industrial Cooperative Bank Ltd. (TAICO Bank) which is also a co-operative society. Accordingly, the grounds of appeal are allowed.
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