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TMI Blog2022 (5) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) on this issue and restore the same to the file of the AO with the direction to allow deduction u/s 80P(2)(a)(i) of the Act on the interest income earned from investments made with the banks in compliance with the requirements under the Karnataka Co-operative Societies Act and Rules. The assessee should be given adequate opportunity of being heard. Assessee appeal allowed for statistical purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ative banks, by following the decision rendered by the Hon ble Supreme Court in the case of Totgar s Co-op Sale Society Ltd (2010)(322 ITR 283) and also the decision rendered by Hon ble jurisdictional Karnataka High Court in the case of PCIT vs. Totgars Co-operative society (2017)(395 ITR 611)(Kar). The Ld CIT(A) also confirmed the same. 3. The Ld A.R submitted that the Bangalore bench of Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the contrary, the Ld D.R supported the orders passed by the tax authorities. 5. I heard rival contentions and perused the record. The Bangalore bench of Tribunal in the case of M/s Prathamika Krushi Pattina Sahakari Niyamata vs. PCIT (supra) has held as under:- 7.2 In the instant case, it was contended that majority of the interest income is earned out of investments made with Central Co-o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d from investments made with the banks in compliance with the requirements under the Karnataka Co-operative Societies Act and Rules. The assessee should be given adequate opportunity of being heard. 6. In the result, the appeal filed by the assessee is treated as allowed for statistical purposes. Pronounced in the open court on the date mentioned on the caption page. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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