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TMI Blog2020 (2) TMI 1324X X X X Extracts X X X X X X X X Extracts X X X X ..... eing disposed of by way of this common order for the sake of convenience. 2. In both years, although several grounds are raised by the assessee but the effective grievance is only one in each of 2 years i.e., regarding disallowance of the assessee's claim for deduction under section 80P of the Income Tax Act, 1961 in respect of interest income from fixed deposit and other income of Rs. 133,35,862/- in Assessment Year 2012-13 and Rs. 119,49,598/- for Assessment Year 2013-14. 3. In the course of hearing, it was submitted by learned AR of the assessee that the issue in dispute in thee 2 appeals is covered by the Tribunal order rendered in the case of M/s. The Jayanagar Co-operative Society Ltd. Vs. ITO in ITA No.3254/Bang/2018 dated 23.07.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Hon'ble Supreme Court in the case of the very same assessee, the Assessment Years involved was Assessment Years 1991-92 to 1999-2000. The nature of interest income for all the Assessment Years was identical. The bone of contention of the Assessee 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 Coopera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ex Court rendered in the case of The Totgars Co-operative Sale Society Ltd. (supra) and of Hon'ble Karnataka high Court rendered in the case of Tumukur Merchants Souharda Co-operative Ltd. (supra)." 5. We find that in that case, the matter was restored back to the file of AO by the Tribunal for a fresh decision after examining the facts in the light of the judgment of Hon'ble Apex Court in the case of The Totgars Co-operative Sales Society Ltd. (supra) and of Hon'ble Karnataka High Court in the case of Tumukur Merchants Souharda Co-operative Ltd. (supra). Respectfully following this Tribunal order, in the present case also, we restore the matter back to the file of AO for fresh decision, after examining the facts of the present c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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