TMI Blog2019 (1) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007-08 to 2011-12 and in AY 1991-92 to 1999-2000 decided by the Hon’ble Supreme Court. Therefore, whether the source of funds were Assessee’s own funds or out of liability, was not subject matter of the decision of the Hon’ble Karnataka High Court in the decision cited by the learned DR. To this extent the decision of the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Co-operative Ltd. [2015 (2) TMI 995 - KARNATAKA HIGH COURT] still holds good. Hence, on this aspect, the issue should be restored back to the AO for a fresh decision after examining the facts in the light of these judgments of the Hon’ble Apex Court rendered in the case of The Totgars Co-operative Sale Society Ltd. (2010 (2) TMI 3 - SUPREME COURT) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be allowed. 3. On appeal by the assessee, the CIT(A) confirmed the action of the AO. 4. Aggrieved by the order of the CIT(A), the assessee has filed the present appeal before the Tribunal raising the following grounds of appeal:- 1. The orders of the authorities below in so far as they are against the appellant are opposed to law, weight of evidence, natural justice, probabilities, facts and circumstances of the appellant's case. 2. The appellant denies itself liable to be assessed on total income of ₹ 12,17,900/- as against the returned income of Rs. Nil under the facts and circumstances of the case. 3. The authorities below are not justified in law in denying the deduction claimed by the appellant for a su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant is a Primary Co-operative Agricultural and Rural Development Bank as per section 80P(4) of the Act and therefore the ratio of the decision of the Supreme Court in the case of Totgars Co-operative Sales Society Limited do not apply to the appellant under the facts and circumstances of the case. 8. The appellant denies itself liable to be levied to interest under section 234B of the Act and further the computation of interest was not provided to the appellant as regard to the rate, period and method of calculation of interest under the facts and circumstances of the case. 9. Without prejudice, the interest under section 234B is not leviable and ought to have been waived on the facts of the case. 10. The appellant craves le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see in AY 2007-08 to 2011-12 was that the deduction under Section 80P(2) of the Act is claimed by the respondent assessee under Section 80P(2)(d) of the Act and not under Section 80P(2)(a) of the Act which was the claim in AY 1991-92 to 1999-2000. The reason given by the Assessee was that in AY 2007-08 to 2011-12 investments and deposits after the Supreme Court's decision against the assessee Totgar's Co-operative Sale Society Ltd. (supra) , were shifted from Schedule Banks to Co-operative Bank. U/s.80P(2)(d) of the Act, income by way of interest or dividends derived by a Co-operative Society from its investments with any other Co-operative Society is entitled to deduction of the whole of such interest or dividend income. The claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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