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TMI Blog2013 (8) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... Act which is available for income earned from 'business and profession' and not from 'income from other source'? 2. Whether on the facts and circumstances of the case, the CIT(A) is correct in holding that the assessee was eligible for deduction u/s. 80P(2)(d) even though, assessee has not claimed the same deduction in the return of income? 2. The briefly stated facts are as under. The assessee is a cooperative society providing credit facilities to its members. The short issue in controversy is whether the Assessing Officer was justified in disallowing the amount of Rs. 88,34,000/- which was in respect of interest received from Aurangabad District Central Co-operative Bank (ADCCB) for the period 01-04-2008 to 31-03-2009 on the deposits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt was providing market facilities to its farmer members and the activity of the society was limited in respect of farmer members. The Ld. CIT(A) held that activity of the assessee credit society is at par with the activity of the banking and hence, assessee entitled for deduction u/s. 80P(2)(i) of the Act. The Ld. CIT(A) further held that the interest received from the Aurangabad District Central Co-operative Bank is also allowable deduction u/s. 80P(2)(d). Now the revenue is in appeal before us. 4. We have heard the Ld. DR. None was present for the assessee. We have also perused the order of the authorities below. In our opinion so far as the amount of interest received on the deposit with Aurangabad District Central Co-operative Bank i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vered u/s. 80P(1)(d) and the interest received on deposit kept with the Aurangabad District Central Co-operative Bank is an allowable deduction. So far as the finding of the Ld. CIT(A) that the provisions of Sec. 80P(2)(a)(i), in our opinion the decision of the Hon'ble Supreme Court in the case of Totagars Cooperative Vs. ITO (supra) is against the assessee as interest received on deposits with Aurangabad District Central Co-operative Bank cannot be said to be the income derived from providing credit facilities to its members. We, accordingly, answer the ground taken by the revenue. But, finally we have confirmed order of Ld. CIT(A) giving relief to the assessee u/s. 80P(2)(d). 6. In the result, the revenue's appeal is dismissed. Prono ..... X X X X Extracts X X X X X X X X Extracts X X X X
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