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TMI Blog2022 (11) TMI 421X X X X Extracts X X X X X X X X Extracts X X X X ..... t Year 2008-09(supra), it is held that assessee is eligible for deduction under section 80P(2)(a)(i) in the interest earned from Nationalized Bank. Accordingly, appeal of the assessee is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... estment and FDR with Bank of India. 2.1 In the assessment order, it is mentioned that the assessee is a Co-operative Society engaged in the business of providing credit facilities to its member. It is claimed that the necessary registration and license has been obtained by the assessee, from the concerned Government authorities. The Co-operative credit society derives income from providing credit facilities which includes interest on loans to members, interest on investments etc., It is further claimed that the primary object of the society is to receive the deposits and to meet all of the financial requirements of the members and to provide credit facilities to its members as per by-laws of the society. 3. In the assessment order, at par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AR of the assessee at the time of hearing submitted that ground No.1 is already decided in favour of the assessee by the decision of the Co-ordinate Bench of the Tribunal, Pune in ITA No.589/PUN/2016 for the assessment year 2012-13 in the case of ITO Vs. Sureshdada Jain Nagri Sahakari Patsanstha, therein, in Para 2 of the order, the issue is as under: "2. The only grievance projected by the Revenue in its appeal is against the allowing of deduction u/s.80P of the Income Tax Act, 1961 (hereinafter also called as 'the Act') in respect of interest earned by the assessee society from State Bank of India which was denied by the Assessing Officer." Thereafter, the Tribunal has held as follows: "4.We have heard both the sides and peruse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Souharda Credit Cooperative Ltd. (supra). In the absence of their being any change in the legal position prevailing on this issue after the passing of the order by the Pune Bench of the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) and host of other orders reiterating the similar view, respectfully following the precedent, we uphold the impugned order in allowing deduction u/s.80P on the interest income" Respectfully, following the aforesaid decision of the Co-ordinate Bench of the Tribunal, Pune, we set aside the order of the Ld. CIT(Appeals) and allow ground No.1 of the grounds of appeal of the assessee." 6. The issue before us is identical to the issue decided by ITAT Pune Bench in assessee's own case in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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