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Maroli Bazar Vibhag Vividh Karyakari Sahkari Mandi Limited Versus Income Tax Officer, Ward-3, Navsari

2015 (12) TMI 1528 - ITAT AHMEDABAD

Deduction under section 80P - Held that:- Interest earned by the assessee is eligible for deduction under section 80P - Decided in favour of assessee. - ITA Nos. 3130/Ahd/2014 and 1834/Ahd/2013 - Dated:- 8-12-2015 - Pramod Kumar (Accountant Member) For the Petitioner : Tushar Hemani For the Respondent : Anil Kumar ORDER 1. By way of these appeals, the assessee appellant has challenged correctness of the orders dated 17th October, 2014 & 25th March, 2013 passed by the learned CIT(A) in the ma .....

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3130/Ahd/2014, for Assessment Year 2010-11, has raised the following grievances :- 1. The ld. CIT(A) has erred both in law and on the facts of the case in wrongly interpreting section 80P of the Act and thereby confirming the action of learned A.O. of not allowing claim of deduction u/s. 80P of the Act for the sum of ₹ 2,55,140/- and further erred in holding that the said income is taxable in hands of the appellant separately as income from other sources. 2. Both the lower authorities have .....

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the facts of the case in not granting standard deduction u/s. 80P(2)(c) of the Act. 5. Both the lower authorities have passed the orders without properly appreciating the facts and that they further erred in grossly ignoring various submissions, explanations and information submitted by the appellant from time to time which ought to have been considered before passing the impugned order. This action of the lower authorities is in clear breach of law and Principles of Natural Justice and therefor .....

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ision 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. We have heard the rival submissions and perused the material on record. The issue in the present case is with respect to granting of deduction under 80P on the interest earned on the deposits kept with bank. It is an undisputed fact tha .....

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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 assessee for lending money to the members, as there were no takers. Therefore, they had deposited the money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liabl .....

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