TMI Blog2022 (8) TMI 358X X X X Extracts X X X X X X X X Extracts X X X X ..... contrary views expressed by the Hon ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. [ 2015 (2) TMI 995 - KARNATAKA HIGH COURT] allowing deduction u/s. 80P on interest income and that of the Hon ble Delhi High Court in Mantola Cooperative Thrift Credit Society Ltd. [ 2014 (9) TMI 833 - DELHI HIGH COURT] not allowing deduction u/s.80P on interest income earned from banks. Both the Hon ble High Courts took into consideration the ratio laid down in the case of Totgar s Cooperative Sale Society Ltd. [ 2010 (2) TMI 3 - SUPREME COURT] - No direct judgment from the Hon ble jurisdictional High Court on the point having been pointed out, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een elaborately set out in the impugned order. Still, the ld. CIT(A) for the instant year did not accept the order of his predecessor and observed a departure. 4. The Pune Benches of the Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit Vs. The Pr.CIT (ITA No.713/PUN/2016) decided the question of availability of deduction u/s 80P on interest income by noticing that the Pune Bench in an earlier case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit Vs. ITO (ITA No.604/PN/2014) has allowed similar deduction. In the said case, the Tribunal discussed the contrary views expressed by the Hon ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 Taxman 309 (Kar.) allowing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the assessee could not claim deduction u/s.80P(2)(d) of the Act. When we consider the effect of this decision, it turns out that the same is not germane to case under consideration in view of the position that the primary claim of the extant assessee is directly about the eligibility of deduction u/s.80P(2)(a)(i) of the Act. In view of the above discussion, I overturn the impugned order on this account. 6. Similar is the position regarding A.Y. 2017-18. The assessee earned interest income from banks to the tune of Rs.15,95,700/-. The AO invoked section 80P(2)(d) and made the disallowance at Rs.15,30,289/-. The ld. CIT(A) followed the suit. It is common submission by both the sides that the facts and circumstances of this appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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