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TMI Blog2017 (5) TMI 538X X X X Extracts X X X X X X X X Extracts X X X X ..... Ms. Vibhooti Malhotra, Adv. ORDER CM 4908/2017 (condonation of delay) in ITA 128/2017 CM 4909/2017 (condonation of delay) in ITA 129/2017 CM 4911/2017 (condonation of delay) in ITA 130/2017 CM 4913/2017 (condonation of delay) in ITA 131/2017 CM 4915/2017 (condonation of delay) in ITA 132/2017 CM 4917/2017 (condonation of delay) in ITA 133/2017 CM 4919/2017 (condonation of delay) in ITA 134 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vis-a-vis the interest from commercial banks, the previous judgments of this Court in ITA No. 569/2013 and connected cases (Mantola Cooperative Thrift & Credit Society Ltd. vs CIT decided on 27.08.2014) could govern the issue. However, with respect to the treatment of interest the ITAT has held as follows: "...8. Applying the legal provision u/s 80P to the gross total income earned as enumerated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Agricultural Co-operative Marketing Federation of India Ltd., decided on 03.05.2011), held that the assessee was eligible to deduction under Section 80P(2)(d) in respect of interest earned from investments made by the Society in other co-operative banks. In these circumstances, the ITAT's findings in this regard are unsustainable. The matter is remitted for appropriate tax treatment to the autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y rider being that in case the AO felt that the expenditure claimed was "extraordinary or seemingly disproportionate", he could pass appropriate orders. 9. In these circumstances, it is held that the assesse is entitled to claim proportionate or suitable expenditure with respect to the income earned out of the non-exempt income i.e. interest earned from commercial banks. The AO shall carry out th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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