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TMI Blog2015 (3) TMI 1411X X X X Extracts X X X X X X X X Extracts X X X X ..... dering various judgements as mentioned above he treated the income as Income from business or profession and also entitled the assessee for deduction u/s 80P(2)(i)(a) of the Act i.e. interest from employees, interest on savings, dividend and Income from no dues certificate. DR has not controverted the findings given by the ld. CIT(A). The judgements relied on by the ld. DR in the cases of Totgar s Co-operative Sale Society Ltd.[ 2010 (2) TMI 3 - SUPREME COURT ] is on surplus fund deposited with bank and interest income. CIT vs. Nawanshahar Central Co-Op. Bank Ltd. 3 [ 2012 (9) TMI 404 - SC ORDER ] are squarely applicable in this case as the Hon'ble Supreme Court allowed 80P(2)(a)(i) deduction on underwriting commission and inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 2,61,24,009/- was set off. The AO during the course of assessment proceedings made following observations. 03. From the details filed, it is also seen that the assessee bank has advanced loans to the person other than the members of the assessee bank. The interest earned and other details of other income are as under:- 1. Interest from the employees ₹ 237860/- 2. Interest on savings ₹ 119717/- 3. Dividend ₹ 1500459/- 4. Income from no dues certificate ₹ 35330/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income from other sources and added to total income of assessee. 3.2 Aggrieved by the order of the AO, the assessee carried the matter before the ld. CIT(A) who had allowed the appeal of the assessee in toto by relying various decisions as under:- (i) Madhya Pradesh Cooperative Bank Ltd., 218 ITR 438 (SC) (ii) CIT vs. Karnataka State Cooperative Apex Bank (2001) 251 ITR 194 (SC) (iii) CIT vs. Rewari Central Cooperatie Bank Ltd. (2003) 263 ITR 598 (P H) 3.3 Now the Revenue is before us. 3.4 During the course of hearing, the ld. DR the supported the order of the AO whereas nobody was present from the side of the assessee. 3.5 We have heard the ld. DR and perused the materials available on record. It is eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X
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