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TMI Blog2018 (12) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... rise out of a common order passed by the ld. CIT(A)-1, Kolhapur, on 10-07-2017 in relation to the A.Yrs. 2012-13 to 2014-15. Since all the appeals are based on common facts and identical grounds, I am, therefore, proceedings to dispose them off by this consolidated order, for the sake of convenience. 2. Facts relating to the A.Y. 2012-13 are that the assessee is a Co-operative Society engaged in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee submitted that the payments were required to be made to such suppliers as and when demanded. Since FDRs were kept with State Bank of India for obtaining overdraft facility, the assessee submitted that such interest should be treated as income arising under the head "Profits and gains from business or profession". Negating such opinion, the AO treated interest income as arising under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spose of these appeals ex parte qua the assessee. 4. It is found from the assessment order that the assessee categorically stated before the AO that the interest was earned from bank on FDRs which were required to be maintained for obtaining credit facilities. It was necessary for the reason that all its suppliers, listed above, insisted on having account with the State Bank of India so as to fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the authorities below. Once the interest income is construed as "Business income", the same becomes eligible for deduction u/s. 80P of the Act. I, therefore, overturn the impugned order and direct to grant deduction u/s.80P on such interest income in all the three years under consideration. 5. The other ground raised in these appeals about the levy of interest u/s.234A, 234B and 234C is conseq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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