TMI Blog2022 (10) TMI 767X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 [ 2015 (8) TMI 1085 - ITAT PUNE] 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.[ 2015 (2) TMI 995 - KARN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpugned order on this score and allow the deduction. Assessee appeal is allowed. - ITA No.121/NAG/2021 - - - Dated:- 18-10-2022 - Shri R.S. Syal, Vice President For the Assessee : Shri K.P. Dewani For the Revenue : Shri G.J. Ninawe ORDER PER R.S. SYAL, VP: This appeal by the assessee arises out of the order dated 01-09-2021 passed by the National Faceless Appeal Centr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoking the provisions of section 80P(2)(d), made the disallowance of deduction on such interest income. The assessee remained unsuccessful before the CIT(A), against which the assessee has approached the Tribunal. 4. I have heard both the sides and gone through the relevant material on record. The issue raised in the extant appeal is no more res integra by virtue of series of orders passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80P on interest income earned from banks. Both the Hon ble High Courts took into consideration the ratio laid down in the case of Totagar s Cooperative Sale Society Ltd. (supra) . 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 ) preferred to go with the view in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
