TMI Blog2017 (7) TMI 1417X X X X Extracts X X X X X X X X Extracts X X X X ..... ntinues to hold the field. In view of the aforesaid fact-situation, we find no reasons to interfere with the decision of the CIT(A), which we hereby affirm. Thus, appeal of the Revenue is dismissed. - ITA NO. 1970/MUM/2016 - - - Dated:- 31-7-2017 - SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER Appellant by : Shri V. Justin Respondent by : Shri Hemant Shah O R D E R PER G.S. PANNU, AM : The captioned appeal by the Revenue is directed against the order of the CIT(A)-28, Mumbai dated 12.01.2016, pertaining to the Assessment Year 2012-13, which in turn has arisen from the order passed by the Assessing Officer dated 28.1.2015 under section 143(3) of the Income Tax Act, 1961 (in short the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80-P of the Act was allowed. Apart therefrom, reliance was also placed on the decision of the Kolkata Bench of the Tribunal in the case of S.E.S.E.C E Co. Railway Employees, (2014) 41 CCH 0218, wherein a similar claim has been upheld. The CIT(A) noticed that the decision of the Mumbai Bench of Tribunal in the case of M/s. Jaoli Taluka Sahakari Patpedhi Maryadit (supra) fully covered the controversy in favour of the assessee. In this context, the following discussion in the order of the CIT(A) is relevant :- 5.1 I find that the case of the appellant is that interest income earned from SBI is directly attributable to its activities. On the other hand, the case of the AO is that only that interest earned from investments in other co-oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taka High Court has considered the decision of the Hon'ble Supreme Court in Totgars case (cited by the AO in the present appeal), and held that the interest income, arising from investments of the society in both cooperative as well as scheduled banks, is attributable to the business activities of the assessee and is therefore eligible for a deduction u/s 80P(2)(a)(i). The ITAT Mumbai in its order has followed the decision of the Karnataka High Court and held that interest income earned from investments in both cooperative as well as scheduled banks is eligible for deduction u/s 80P(2)(a)(i). 5.2 The facts and issue in the present appeal is identical to the case before the Hon'ble ITAT Mumbai. Respectfully following the decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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