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TMI Blog2017 (5) TMI 538X X X X Extracts X X X X X X X X Extracts X X X X ..... to the income earned out of the non-exempt income i.e. interest earned from commercial banks. The AO shall carry out the necessary consequential exercise. The appeals are allowed in the above terms. - ITA 128/2017, 129/2017, 130/2017, 131/2017, 132/2017, 133/2017 & 134/2017 - - - Dated:- 7-3-2017 - S. Ravindra Bhat And Najmi Waziri, JJ. For the Appellant : Mr. Gautam Jain, Adv. For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondents. 5. The question urged by the assessee is whether the impugned order of the ITAT to the extent it disallowed the deduction claimed by the assessee towards interest income earned on deposits made in commercial banks and interest earned on deposits made in cooperative banks, are not eligible for deduction under Section 80P of the Income Tax Act, 1961 (in short the Act). 6. As far ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities below that interest has been earned exclusively from investment with other cooperative banks. 8.1 Accordingly ground No.3 for assessment year 2004-05 to 2007-08, 2009-10, 2010-11 and ground No. 1 for assessment year 2008-09 stands dismissed..... 7. We notice at the outset that the ITAT had in the course of its impugned order in the immediately preceding paragraph i.e. para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit Society Ltd.) had not made a distinction between two types of expenditure attributable to the income derived i.e. expenditure towards interest earned from deposits in commercial banks on the one hand and expenditure towards interest earned from deposits made in co-operative banks on the other. Para 4 and 6 of this Court s order clearly noted the two different streams of income and also held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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