TMI Blog2022 (6) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue is directed against the order dated 25.03.2019 of the Ld. Commissioner of Income Tax (Appeals) - 20, New Delhi ( CIT(A) ) pertaining to the assessment year 2014-15. 2. The ground of appeal reads as under:- 1. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs.1,47,98,826/- made on account of disallowance of deduction claimed u/s 80P of the Income Tax Act, 1961 on the interest received on the deposits made in various bank accounts, 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'ble Supreme Court in the case of Totgar's Co-operative Sales Society Ltd. (in CA No. 1622 of 2010), the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee before the Ld. CIT(A), the impugned disallowance of Rs. 1,47,98,826/- under section 80P stands deleted with observations contained in para 6.2.2 and 6.2.3 of the appellate order reproduced herein below :- 6.2.2. The appellant during appeal hearing submitted that the issues have been decided in favour of the appellant through the order of the Hon ble ITAT Delhi for A.Ys. 2010-11 and 2011-12 vide ITA No. 2900 2901/Del/2015 date of order 26.04.2018. In this order the Hon'ble ITAT Delhi, allowed the deduction claimed by the appellant u/s 80P(2)(i) on interest from Bombay Mercantile Cooperative Bank and on dividend income from Delhi Cooperative Bank stating that the interest income on fixed deposits with other cooperative s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal recorded the following findings in para 9 of the order dated 12.11.2021:- 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 assessee s own case for earlier years. The relevant part of decision of the Tribunal in ITA No. 2900 2901 for Assessment Years 2010-2011 2011- 2012 is reproduced as under 8. Therefore, the word attributable to is certainly wider in import than the expression derived from . Wheneve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hmedabad 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. 2008-09 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 of the Tribunal for A.Y. 2008- 2009 allowed the claim of assessee. Therefore, there were no justification for Ld. CIT(A) in not following the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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