TMI Blog2017 (8) TMI 1493X X X X Extracts X X X X X X X X Extracts X X X X ..... est receipts has not been furnished by the assessee. However, we agree in principle with contention of the assessee that interest received from the cooperative bank is eligible for deduction u/s. 80P(2)(d) relying on case of Totagars Cooperative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT]. However the break-up details of interest income require verification. Set aside the order passed by the learned CIT(A) and restore this issue to the file of the Assessing Officer for the limited purposes of verifying the breakup details interest income received by the assessee and also direct the Assessing Officer to allow deduction u/s. 80P(2)(d) of the Act in respect of interest received from the cooperative banks/societies. - Decided in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,50,220/- as income of the assessee. 4. Before the learned CIT(A), the assessee challenged the reopening of the assessment but the same was rejected by the learned CIT(A). The assessee claimed before the learned CIT(A) that income of ₹ 20,50,220/- assessed by the Assessing Officer reprsents interest income earned by it on the deposits kept with the cooperative banks. Accordingly, the assessee claimed that the assessee should be allowed deduction u/s. 80P(2)(d) of the Act and not u/s. 80P(2)(a)(i) of the Act. The learned CIT(A) placed reliance on the decision rendered by Ahmedabad Bench of the ITAT in the case of SBI Employees Cooperative Credit Society Ltd. (2015) 57 Taxman.com 367 and also decision rendered by Mumbai bench of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee at page No. 3 of the paper book, I noticed that an amount of ₹ 20,50,220/- has been assessed by the Assessing Officer under the head Income from other sources . I notice that the same actually represents interest received from the bank deposits. I noticed that the assessee had received interest from the bank deposits to the tune of ₹ 22.61 lakhs and set off of brought forward loss of ₹ 2.11 lakhs and accordingly, declared net interest income of ₹ 20.50 lakhs. Learned AR contends that the above said amount of ₹ 20.50 lakhs represents interest received from the cooperative banks/societies. However, I noticed that the breakup of details of interest receipts has not been furnished by the assessee. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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