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2016 (2) TMI 903 - ITAT AHMEDABAD

2016 (2) TMI 903 - ITAT AHMEDABAD - TMI - Entitlement to deduction u/s.80P(2)(a)(i) - Held that:- Interest earned by the assessee is eligible for deduction under section 80P - Decided in favour of assessee. - ITA.No.2610/Ahd/2015 - Dated:- 26-2-2016 - SHRI GEORGE GEORGE K., JUDICIAL MEMBER For the Appellant : Shri M.K. Patel, AR For the Respondent : Shri Albinus Tirkey, Sr.DR O R D E R The assessee is in appeal before the Tribunal against the order of the ld.CIT(A)-1, Surat dated 22.6.2015 passe .....

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at the outset, submitted that the sole issue involved in this appeal is with regard to claim of deduction under section 80P of the Act. 4. The ld.representatives fairly agree that the issue is covered in favour of the assessee, by a decision of the Co-ordinate bench of this Tribunal in the case of Amaalsad Vibhag Vividh Karyakari Sahkari Khedut Mandali Limited vs. ITO in ITA Nos.1710 & 1711/Ahd/2011 wherein vide order dated 13.08.2015, the Tribunal has, inter alia, observed as follows :- 7. .....

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nue. We find that the Hon ble Karnatakaon blwe KarH High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra) had decided the issue in favour of the assessee by observing as under: 10. In the instant case, the amount which was invested in banks to earn interest was not an amount due to any members. It was not the liability. It was not shown as liability in their account. In fact this amount which is in the nature of profits and gains, was not immediately required by the .....

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