9911796707
TMI Blog2016 (2) TMI 903X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Tribunal against the order of the ld.CIT(A)-1, Surat dated 22.6.2015 passed for the assessment year 2012-13. 2. The grounds of appeal of the assessee are as under: "1. That on facts and in law the ld.CIT(A) has grievously erred in upholding that interest income of Rs. 3,24,209/- is taxable as "income from other sources" instead of business income. 2. That the ld.CIT(A) has grievous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect to granting of deduction under 80P on the interest earned on the deposits kept with bank. It is an undisputed fact that the assessee is a co-operative society. It is assessee's submission that the amounts that were not immediately required by the assessee were deposited in the bank so as to earn interest. The aforesaid submission of the assessee has not been controverted by Revenue. We find t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... similar view is taken by the Andhra Pradesh High Court in the case of CIT v/s. Andhra Pradesh State Co-operative Bank Ltd., [2011] 200 Taxman 220/12 taxmann.com 66. In that view of the matter, the order passed by the appellate authorities denying the benefit of deduction of the aforesaid amount is unsustainable in law. Accordingly it is hereby set aside. The substantial question of law is answere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TO, in ITA Nos.3130/Ahd/2014 and 1834/Ahd/2013 order dated 8.12.2015 wherein on similar issue, the claim of the assessee was allowed deduction under section 80P Act. He further relied upon the judgment of the Hon'ble Karnataka High Court in the case of Guttigedarara Credit Co-op. Society Vs. ITO, 377 ITR 464 (Kar) in support of his contentions. 6. I have considered submissions of both parties and ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
