TMI Blog2016 (1) TMI 1499X X X X Extracts X X X X X X X X Extracts X X X X ..... issed the appeal filed by the AO. He also relied upon the case of Jaoli Taluka Sahakari Patpedhi Maryadit [ 2015 (9) TMI 170 - ITAT MUMBAI] , Mehsana District Cooperative Bank Ltd. [ 2001 (8) TMI 15 - SUPREME COURT] . Decided in favour of assessee. - ITA Nos. 5185/Mum/2011 And 1186/Mum/2012 - - - Dated:- 1-1-2016 - S/Sh. Rajendra, Accountant Member Sanjay Garg, Judicial Member For the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent and had earned total interest of Rs. 22.87 lakhs. He directed the assessee to submit the details of its investment and the interest received on it. From the detail submitted, he observed that some of its investments were with non-cooperative institutions. Referring to provisions of section 80P(2)(d)of the Act, he held that interest received from investment with non-cooperative institutions was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arose from and out of the business with third party the exemption was not available, that the investment of asset was not a part of business of the assessee. He referred to case of Totgars Cooperative Sale Society (322 ITR 283) and held that the order of the AO taxing the interest income received from investment in other banks as income from other sources was in order. On the issue allowance of e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o folds. Firstly the ld. CIT(A) erred in deleting the addition of Rs. 33,19,403 on account of disallowance of deduction u/s. 80P(2)(d) of the Act, secondly, the ld. CIT(A) erred in allowing the claim u/s. 80P(2)(a)(i) of the Act. We find that the Tribunal had rejected the appeal filed by the Revenue. As the facts of the case for the year under consideration are similar to the facts of AY, 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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