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TMI Blog2021 (12) TMI 810X X X X Extracts X X X X X X X X Extracts X X X X ..... ant to the Assessment Years 2014-15 and 2015-16. 2. The assessee has raised following grounds of appeal: 1.1 The order passed u/s.250 on 15.07.2019 for A.Y.2015-16 by CIT(A)-5, Abad upholding the disallowance of deduction u/s.80P(2)(a)(i) of Rs. 4,75,759/- is wholly illegal, unlawful and against the principles of natural justice. 1.2 The Ld. CIT(A) has grievously erred in law and or on facts in not considering fully and properly the. submissions made and evidence produced by the appellant with regard to the impugned disallowance. 2.1 The Ld.CIT(A) has grievously erred in law and on facts in confirming the disallowance of deduction u/s.80P(2)(a)(i) of Rs. 4,75,759/-. 2.2 That in the facts and circumstances of the case as well as in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt not qualifying for deduction needs to be worked out. On gross receipts of Rs. 2,47,75,844/- total income is worked out of Rs. 7,98,953/-. As such on gross interest receipt from non credit cooperative societies/banks of Rs. 1,47,53,471/- profit which would not qualify for deduction u/s.80P(2)(a)(i) would work out to Rs. 4,75,759(1,47,53,471 x 7,98,953/2,47,75,844). 5. Aggrieved assessee preferred an appeal to the learned CIT (A) who confirmed the order of the AO. 6. Being aggrieved by the order of the learned CIT (A) the assessee is in appeal before us. 7. The learned AR before us submitted that the amount of interest income from deposit with bank other cooperative bank is eligible for deduction under section 80P(2)(a)(i) of the Act in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which is deductible under section 80P(2)(a)(i) of the Act and the interest derived by depositing surplus funds with the Banks other than cooperative bank is not being attributable to the business as envisaged under the provisions of the Act. Thus the same cannot be deducted under section 80P(2)(a)(i) of the Act. 9.2 In view of the above, there remains no ambiguity that income earned by the assessee for Rs. 4,75,759/- on the money deposited with the bank is not eligible for deduction under section 80P(2)(a)(i) of the Act. 9.3 Now coming to the case law cited by the learned AR for the assessee, in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT by the Hon'ble Supreme Court of India wherein, the primary agricultural credit soc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 80P(2)(a)(i) of the Act. In view of the above, we do not find any merits in the argument advanced by the learned counsel for the assessee. Thus, we hold that there is no infirmity in the order of the learned CIT (A), requiring any interference. Hence, we uphold the same. Hence, the ground of appeal of the assessee is dismissed. 9.5 In the result, the appeal filed by the assessee is dismissed. Coming to ITA No. 1394/Ahd/2019 an appeal by the assessee corresponding to A.Y. 2015-16 10. The assessee has raised following grounds of appeal 1.1 The order passed u/s.250 on 15.07.2019 for A.Y.2015-16 by CIT(A)-5, Abad upholding the disallowance of deduction u/s.80P(2)(a)(i) of Rs. 17,75,614/- is wholly illegal, unlawful and against ..... X X X X Extracts X X X X X X X X Extracts X X X X
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