TMI Blog2022 (11) TMI 421X X X X Extracts X X X X X X X X Extracts X X X X ..... )(a)(i) in the interest earned from Nationalized Bank. Accordingly, appeal of the assessee is allowed. - ITA No.1148/PUN/2018 - - - Dated:- 4-11-2022 - Shri S.S.Godara, Judicial Member And Dr. Dipak P. Ripote, Accountant Member For the Assessee : None For the Revenue : Shri S P Walimbe DR ORDER PER DR. DIPAK P. RIPOTE, AM: This appeal filed by the Assessee is directed against the order of ld.Commissioner of Income Tax(Appeals)-7, Pune, dated 26.04.2018 for the A.Y. 2010-11 under section 250 of the Income Tax Act, 1961(in short the Act ). The Assessee has raised the following grounds of appeal: 1. In the facts and circumstances of the case and in law, the learned C.I.T.[A] has grossly erred in denying de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FDR with Bank of India. 2.1 In the assessment order, it is mentioned that the assessee is a Co-operative Society engaged in the business of providing credit facilities to its member. It is claimed that the necessary registration and license has been obtained by the assessee, from the concerned Government authorities. The Co-operative credit society derives income from providing credit facilities which includes interest on loans to members, interest on investments etc., It is further claimed that the primary object of the society is to receive the deposits and to meet all of the financial requirements of the members and to provide credit facilities to its members as per by-laws of the society. 3. In the assessment order, at para 6.4 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s kept with Nationalized Banks. The ITAT Pune Bench in para 5 has held as under : 5. With regard to this issue, the Ld. AR of the assessee at the time of hearing submitted that ground No.1 is already decided in favour of the assessee by the decision of the Co-ordinate Bench of the Tribunal, Pune in ITA No.589/PUN/2016 for the assessment year 2012-13 in the case of ITO Vs. Sureshdada Jain Nagri Sahakari Patsanstha, therein, in Para 2 of the order, the issue is as under: 2. The only grievance projected by the Revenue in its appeal is against the allowing of deduction u/s.80P of the Income Tax Act, 1961 (hereinafter also called as the Act ) in respect of interest earned by the assessee society from State Bank of India which was den ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preferred to go with the view taken in favour of the assessee by the Hon ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). In the absence of their being any change in the legal position prevailing on this issue after the passing of the order by the Pune Bench of the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) and host of other orders reiterating the similar view, respectfully following the precedent, we uphold the impugned order in allowing deduction u/s.80P on the interest income Respectfully, following the aforesaid decision of the Co-ordinate Bench of the Tribunal, Pune, we set aside the order of the Ld. CIT(Appeals) and allow ground No.1 of the ground ..... X X X X Extracts X X X X X X X X Extracts X X X X
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