TMI Blog2019 (5) TMI 1958X X X X Extracts X X X X X X X X Extracts X X X X ..... reason hold that assessee is eligible for deduction u/s 80P of the Act on the interest earned by the assessee. Appeal of assessee is allowed. - ITA No. 486/PUN/2017 - - - Dated:- 24-5-2019 - Ms. Sushma Chowla, JM And Shri Anil Chaturvedi, AM For the Assessee : Shri M.K. Kulkarni. For the Revenue : Shri N. Ashok Babu. ORDER PER ANIL CHATURVEDI, AM : 1. This appeal filed by the assessee is emanating out of the order of Commissioner of Income Tax (A) 2, Kolhapur dated 29.11.2016 for the assessment year 2012-13. 2. The relevant facts as culled out from the material on record are as under :- Assessee is a Co-operative Credit Society of its members. It electronically filed its return of inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was claimed as deduction u/s 80P of the Act. AO was of the view that the interest income does not qualify for deduction u/s 80P(2)(a)(vi) of the Act and accordingly denied the claim of the assessee. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who upheld the order of AO. Aggrieved by the order of Ld.CIT(A), assessee is now before us. 5. Before us, at the outset, Ld AR submitted that identical issue arose in the case of assessee in A.Y 2005-06 to 2011-12 and the Tribunal vide consolidated order dated 09.11.2016 for A.Y 2007-08 to 2011-12 in ITA No.2273 to 2277/PN/2016 has decided the issue in favour of the assessee. He placed on record the copy of the aforesaid orders. He therefore submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome fixed deposits were required to be kept by the assessee co-operative society being bank guarantee to procure the business. The disallowance 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 in turn relying on earlier order of Tribunal in ITA No.1086/PN/2009, relating to assessment year 2006- 07, order dated 30.06.2011, restored the issue back to the file of Assessing Officer with direction to adjudicate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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