TMI Blog2024 (3) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... (11) TMI 779 - MADRAS HIGH COURT] held that the assessee was eligible for deduction under section 80P(2)(d) of the Act on the Interest Received from Co-operative Banks. No direct decision of the Hon'ble Jurisdictional High Court has been brought to our notice. Therefore, respectfully following the above precedent and adopting the detailed reasoning above, we direct the Assessing Officer to allow deduction under section 80P(2) of the Act for the impugned income - Decided in favour of assessee. - SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER For the Assessee : Shri Manoj R Jain AR For the Revenue : Shri Ramnath P Murkunde - DR ORDER PER DR. DIPAK P. RIPOTE, AM: This is an appeal filed by the assessee again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest income from co-operative banks is eligible for deduction u/s 80P of the Act, and on the facts and circumstances of the case failed to consider the following important facts: a. That the appellant has been consistently claiming deduction u/s 80P in the ROI filed till date and out of the same for two assessment years the ROI has been assessed u/s 143(3) of the Act and deduction claimed has been allowed by the AO. b. That based upon the principle of consistency the claim must be allowed as the Id AO had not pinpointed any distinguishing facts in the said assessment year. c. That the Principle of Consistency requires is, when the facts and circumstances continue to remain the same, then there should not be any variation in the treatment f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest income and claimed deduction under section 80P(2)(a)/80P(2)(d) of the Income Tax Act, 1961. S.No. Name of the bank Interest income earned 1 The Pune Dist. Central Co-Bank Ltd Rs. 48,40,627/- 2 The Baramati Sahakari Bank Ltd Rs. 38,18,985/- Total Rs. 86,59,612/- 3. The AO denied assessee s claim or deduction and added the amount of Rs. 86,59,612/-. Aggrieved by the order of the AO, the assessee filed appeal before the ld.CIT(A). The ld.CIT(A) sustained the addition made by the AO. Aggrieved by the same, the assessee filed appeal before this Tribunal. Findings Analyss : 3. We have heard both the parties and perused the records. It was pleaded by the ld.AR that the issue of eligibility for deduction under section 80P(2) of the Act is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... py of the another order of the Pune Bench dated 19-08-2015 in the case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit Vs. ITO (ITA No.604/PN/2014) (to which one of us, namely, the ld. JM is party) in which similar deduction has been allowed. The Pune Bench of the Tribunal in the case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) has discussed the contrary views expressed by the Hon ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 taxmann 309 (Kar.) allowing the deduction u/s. 80P on interest income and the Hon ble Delhi High Court in Mantola Cooperative Thrift Credit Society Ltd. Vs. CIT (2014) 110 DTR 89 (Delhi) not allowing deduction u/s.80P on interest incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 296 Taxman 250 (Madras) vide order dated 10.10.2023 held that the assessee was eligible for deduction under section 80P(2)(d) of the Act on the Interest Received from Co-operative Banks. No direct decision of the Hon'ble Jurisdictional High Court has been brought to our notice. Therefore, respectfully following the above precedent and adopting the detailed reasoning above, we direct the Assessing Officer to allow deduction under section 80P(2) of the Act for the impugned income discussed in earlier para. Accordingly, grounds of appeal raised by the assessee are allowed. 4.1 Therefore, following the rule of consistency, assessee s appeal is allowed. 5. In the result, appeal of the assessee is allowed. Order pronounced in the open Court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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