TMI Blog2018 (4) TMI 1931X X X X Extracts X X X X X X X X Extracts X X X X ..... uarantee to procure the business - HELD THAT:- Applying the principle laid down by the Tribunal in assessee s own case [ 2016 (12) TMI 297 - ITAT PUNE] , which in turn, has been given effect to by the Assessing Officer in assessment year 2011-12 also, it is held that interest earned by the assessee on fixed deposits is entitled to deduction claimed under section 80P(2)(a)(vii) of the Act. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. The directions of the Hon ble Tribunal after remand dt. 31st May, 2013 in the case of the assessee were not properly followed by the A.O. resultantly the Ld. CIT(A) failed to appreciate the issue that the assessee was entitled to exemption u/s 80P(2)(a)(vi) of the Act. It be held accordingly. 2. On the facts and in the circumstances of the case and in law the Ld. CIT(A) was not justif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Tribunal in assessment year 2011-12, had computed the income in the hands of assessee at Nil i.e. accepting the claim of assessee that interest received from fixed deposits, is entitled to the claim of deduction under section 80P(2) of the Act. 4. The learned Departmental Representative for the Revenue on the other hand, placed reliance on the orders of authorities below. 5. Briefly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowance made by the Assessing Officer was upheld by the CIT(A), against which the assessee is in appeal. 6. Similar issue of disallowance of deduction under section 80P(2)(a)(vii) of the Act on fixed deposits income arose before the Tribunal in assessee‟s own case in ITA Nos.2273 to 2277/PN/2016, relating to assessment years 2007-08 to 2011-12. The Tribunal vide order dated 09.11.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal that fixed deposits for the year under consideration were also utilized for different purposes of business and hence, were utilized for carrying on the business activity of co-operative society. Applying the principle laid down by the Tribunal in assessee s own case, which in turn, has been given effect to by the Assessing Officer in assessment year 2011-12 also, it is held that interest earn ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
