9911796707
TMI Blog2021 (11) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... n account of disallowance of deduction claimed u/s 80P of the Income Tax Act, 1961 on the interest received from Bombay Mercantile Bank Ltd. and Ramgharia Co¬operative Bank Ltd. without appreciating the fact that it is a case of parking of surplus funds and the case is squarely covered by the decision of Hon'bie Supreme Court in the case of Totgar's Co-operative Sales Society Ltd. and also by the decision of Hon'bie Delhi High Court in the case of M/s Mantola Co-operative Thrift and Credit Society Ltd. (II) The appellant craves leaves to add, to alter or amend any ground of appeal raised above at the time of hearing." 3. Return of income was filed on 9.8.2013 declaring gross taxable income at Rs. 61,36,164/- and after claiming exempt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the revenue and also distinguish the decision of the Hon'ble Supreme Court in the case of Totgar's Cooperative Sales Society Ltd. 8. Ld. AR further submitted that the CIT(A) has rightly granted the partial relief to the assessee. 9. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that in the earlier years on the identical issue revenue's appeal were dismissed and there is no distinguishing factors pointed out by the Ld. DR in the present appeal as well. Therefore, the matter is squarely covered by the decision of the Tribunal in assesse's own case for earlier years, The relevant part of decision of the Tribunal in ITA No. 2900 & 2901 for Assessment Years 2010-2011 & 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidered by the High Court and it was held that the said decision is confined to facts of that case. The appeal of assessee was allowed. The Ahmedabad Bench of the Tribunal in the case of Arbuda Credit Co-op. Society Ltd., vs. ACIT (supra), followed the Order in the case of same assessee for A.Y. 2008-2009 and decision of the Hon'ble Karnataka High Court above and decided the issue in favour of the assessee and held that assessee is eligible for deduction under section 80P(2)(a)(i) of the I.T. Act for the interest income earned on unutilized idle funds kept for business purposes of the Society being deposited with Banas Bank. The Ld. CIT(A) in the case of the same assessee for A.Y. 2013-2014 vide order dated 15.02.2018 following the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
