9911796707
TMI Blog2011 (9) TMI 1195X X X X Extracts X X X X X X X X Extracts X X X X ..... r has called into question correctness of CIT(A) s order dated 10th February, 2010, in the matter of assessment under section 143(3) of the Income tax Act, 1961, for the assessment year 2005-06 on the following ground: Whether on the facts of the case and in law, the CIT(A) erred in holding that income in the form of interest from investment of surplus fund with other banks qualify ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee is entitled to deduction u/s.80P on interest income received by it from banks other than co-operative bank. The Assessing officer is not satisfied and is in appeal before us. 3. While learned Departmental Representative fairly accepts that the issue is covered in favour of the assessee by order of the cooperative Bench of this Tribunal as also an unreported judgment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee by Hon ble Bombay High court s judgment in the case of The Mahanagar Cooperative Bank ltd (supra) as also coordinate Bench of this Tribunal in assessee; s own case (supra). As regards reliance placed by learned Departmental Representative in the case of Totgars Cooperative Sale Society ltd(supra), we have noted that Their Lordships of Hon ble Bombay High Court have distinguished the said j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thus, the decision of the Apex Court in the case of Togar s cooperative sale society Ltd (supra) would not be applicable to the facts of the present case. 5. In this view of the matter and respectfully following the esteemed views of Hon ble Jurisdictional High Court in the case of The Mahanaghar Cooperative Bank ltd (supra) and also the decision of the coordinate Bench in assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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