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TMI Blog2021 (3) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... ecially when the statute uses the expression attributable to and not anyone of the two expressions, namely, derived from or directly attributable to . Therefore, we are of the considered view that the petitioners are entitled to succeed. Hence direct the Assessing Officer to delete the impugned disallowance thereby treating that the assessee as eligible for Section 80P deduction. - Decided in favour of assessee. - ITA Nos. 766, 767, 768 and 769/Hyd/20 - - - Dated:- 24-2-2021 - S. S. Godara, Member (J) For the Appellant : S. Ambika, AR For the Respondents : N. Swapna, DR ORDER S.S. Godara, Member (J) These four assessee's appeals for A.Ys. 2011-12, 2012-13, 2013-14 2014-15 arise from the CIT(A)-2, Hyde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. 80P of the Act after a delay of 411 days . 2.1. No rebuttal to all these solemn averments has come from the departmental side. I thus quote hon'ble apex court's landmark decision Collector, Land Acquisition Vs. Mst. Katiji Ors. [167 ITR 471] (SC) to hold that this technical reason of delay must make way for the cause of substantial justice. The same accordingly stands condoned. All these cases are not taken up for adjudication on merits. 3. The assessee's identical sole substantive grievance in all these four cases challenges correctness of both the lower authorities' action disallowing its interest income(s) of ₹ 28,27,602/-, ₹ 42,20,319/-, ₹ 54,38,060/- and ₹ 44,35,325/-; respectively a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it conferred by Clause (d) upon all types of Co-operative Societies is restricted only to the investments made in other Co-operative Societies. Such a restriction cannot be read into Clause (a), as the temporary parking of the profits and gains of business in nationalised Banks and the earning of interest income therefrom is only one of the methods of multiplying the same income. To accept the stand of the Department would mean that Co-operative Societies carrying on the activities listed in Clauses (i) to (vii), which invest their profits and gains of business either in other Co-operative Societies or in the construction of godowns and warehouses, may benefit in terms of Clause (d) or (e), but the very same Societies will not be entitled t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re shown as liabilities, as they represented the money belonging to the members. The income derived from the investments made by retaining the monies belonging to the members cannot certainly be termed as profits and gains of business. This is why Totgars struck a different note. 35. But, as rightly contended by the learned senior counsel for the petitioners, the investment made by the petitioners in fixed deposits in nationalised banks, were of their own monies. If the petitioners had invested those amounts in fixed deposits in other Co-operative Societies or in the construction of godowns and warehouses, the respondents would have granted the benefit of deduction under Clause (d) or (e), as the case man be. 36. The original sour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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