TMI Blog2022 (11) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... 4334/2022] - - - Income Tax - Deduction u/s 80P (ii) (d) - interest income receipts - HELD THAT:- Since it is admitted that the judgment of Mavilayi Service Co-operative Bank Ltd. and others [ 2021 (1) TMI 488 - SUPREME COURT] was not considered while finalizing the assessment which was subject matter of challenge and since the decision in Peroorkada [ 2021 (12) TMI 1084 - KERALA HIGH COURT] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1961 for the assessment year 2020-21. In W.P (C) Nos.34316/2022 and 33413/2022 the assessing officer appears to have denied deduction in respect of interest income under Section 80 P (ii) (d) of the Income Tax Act. It is the case of the petitioner that the issue stands covered in favour of the petitioner by the judgment in PCIT v. Peroorkada Service Co-Operative Bank Ltd.; 442 ITR 141 and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... challenges the order of assessment for assessment year 2020-21 on the ground that the assessing officer denied the deduction under Section 80 P as well as under Section 80 P (ii) (d) without considering the judgment of the Supreme Court reported in 431 ITR 1. It is submitted that the deduction under Section 80 P (ii) (d) was denied by discarding the judgment in Peroorkada (supra). 4. Having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred to above. A Division Bench of this court to which I was also a party has by judgment in M/s. Poonjar Service Co-operative Bank Ltd., v. Income Tax officer ( judgment dated 28-06-2022 in WA No.753/2021) concluded as follows; An erroneous assessment occasioned by ignoring a binding judgment of the Supreme Court cannot be trivialized as an order against which an appellate remedy lies t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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