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2018 (12) TMI 1926 - ITAT PUNEDenial of deduction u/s.80P - interest income received by the assessee from Nationalised Banks - HELD THAT:- The Pune Bench of the Tribunal in the case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit [2015 (8) TMI 1085 - ITAT PUNE] has allowed deduction u/s 80P of the Act in similar circumstances in the contrary views expressed in Tumkur Merchants Souharda Credit Cooperative Ltd. [2015 (2) TMI 995 - KARNATAKA HIGH COURT] allowing the deduction u/s. 80P on interest income and the Hon’ble Delhi High Court in Mantola Cooperative Thrift Credit Society Ltd. [2014 (9) TMI 833 - DELHI HIGH COURT] not allowing deduction u/s.80P on interest income earned from banks under similar circumstances. Both the Hon’ble High Courts have taken into consideration the ratio laid down in the case of Totgar’s Cooperative Sale Society Ltd. [2010 (2) TMI 3 - SUPREME COURT]. There being no direct judgment from the Hon’ble jurisdictional High Court on the point, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to go with the view taken in favour of the assessee by the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). Thus respectfully following the precedent, we overturn the impugned order in not allowing deduction u/s.80P on the interest income and direct to grant deduction on such interest income. - Decided in favour of assessee. Disallowance u/s. 40(a)(ia) - assessee paid commission to Pigmy agents - HELD THAT:- There can be no reason to stop the assessee from taking a fresh legal plea before the Tribunal which was inadvertently not taken up before the ld. CIT(A). Since this matter has not been examined by the ld. CIT(A) on merits, we are of the considered opinion that it would be in the fitness of things if the ld. CIT(A) is directed to examine the assessee’s case on this issue. Needless to say, the assessee will be allowed reasonable opportunity of hearing.
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