TMI Blog2022 (7) TMI 899X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessee : Shri Mehul Shah, CA For the Respondent : Shri Anurag Dubey, Sr. DR ORDER PER DR. A. L. SAINI, AM: Captioned appeal filed by the assessee, pertaining to Assessment Years (AY) 2017-18 is directed against the order passed by the Learned National Faceless Appeal Centre (NFAC)/ ld. CIT(A) dated 01.10.2021 which in turn arises out of an assessment order passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act ), dated 20.12.2019. 2. Grounds of appeal raised by the assessee are as follows:- 1. On the facts and circumstances of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of assessing officer in ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... co-ordinate Bench of this Tribunal in the case of Bardoli Vibhag GramVikas Co.Op. Credit Society Ltd. (supra). In this order, the Tribunal has inter alia observed as follows: 11. We have considered the rival submission of both the parties. We have also deliberated on the written submission filed by learned AR of the assessee and various case laws relied by him during his submiss We have also gone through the various documentary evidences filed in the form of paper book (PB learned AR of the assessee. We have noted that during the assessment the Assessing Officer vide notice in section 143(2)7142(1) of the Act dated 31-8-2015 and 13-4-2016. The assessee filed its reply through its (AR) and furnished required details and. after examining ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has made enquiries on the allowability of deduction un section 80(P)(2)(W) and passed the assessment order, thus, the Assessing Officer has taken a reasonable; possible view which cannot be held as erroneous. 15. The Hon'ble Karnataka High Court in Totagars Cooperative Sales Society (supra) held that for purpose of section 80P(2)(d) a Co-operative Bank should be considered by a Co-operative Society and interest earned by Co-operative Society from Cooperative Bank would necessarily be deductible un section 80P(1) of the Act. Further, the Hon'ble Jurisdictional High Court in Surat Vankar Sahakari Sangh Ltd. (supra) held that assessee co-operative society is eligible for deduction under section 80P(2)(d) in respect gross interest re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e legal position that when there are conflicting decisions of non-jurisdictional High Courts, on similar issue, the decision of jurisdictional High Court is having binding precedent. thus, keeping in view of the decision Hon'ble jurisdictional High Court, in Surat Vankar Sahakari Sangh Ltd. (supra) wherein the assessee-co-operative society is held eligible for deduction under section 80P(2)(d) in respect of gross inters received from co-operative bank without adjusting interest paid to said bank, we conclude that the order passed by assessing office is not erroneous. Hence, the grounds of appeal raised by assessee are allowed. 6. As the issue is squarely covered in favour of assessee by the decision of coordinate Bench (supra) and t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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