TMI Blog2022 (6) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... im pertaining to interest income derived from deposits in cooperative banks is concerned case law State Bank of India Vs. CIT [ 2016 (7) TMI 516 - GUJARAT HIGH COURT] and CIT Vs. Totagars Cooperative Sale Society [ 2017 (1) TMI 1100 - KARNATAKA HIGH COURT] holds that such an income also is eligible for the impugned claim. This second issue also goes against the department. Next comes the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in short the Act. Heard both the parties. Case file perused. 2. The assessee pleads the following substantive grounds in the instant appeal : 1. The learned I-T authorities erred in law and on facts in initiating 147 proceedings for AY 2011- 12 in absence of any tangible material which can substantiate a reason to believe escaped income. 2. The learned CIT(A), National Faceless Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y license from Reserve Bank of India, appellant cannot be treated as a 'bank'. 5. The learned I-T Authorities erred in law and on facts in disallowing deduction claimed u/s 80P(2)(a)(i) of the ITA, 1961 of Rs. 1,98,578/- on the analogy that appellant is dealing with nominal members; who are not members in real sense. The learned I-T Authorities ought to have appreciated that nominal mem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing the proportionate deduction u/s 80P(2)(a)(i) of the ITA, 1961 to the extent of transactions with ordinary members. 8. The learned I-T Authorities erred in law and on facts in not allowing deduction u/s 80P(2)(c)(ii) of the ITA, 1961. 9. Appellant contends that, appellant is eligible to avail benefit of deduction u/s 80P(2)(d) of the ITA, 1961 to the extent of Rs. 51,78,595/- being int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Sale Society (2017) 392 ITR 14 (Kar.) holds that such an income also is eligible for the impugned claim. This second issue also goes against the department. 5. Next comes the assessee s reliance on CBDT Circular No.37/2016 that TDS and NPA provisions of Rs.28,773/- and Rs.17,44,572/-; respectively deserves to be considered as eligible for deduction since enhancing the business profits only. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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