2022 (12) TMI 637

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..... and the same ought to have been allowed. Thus find that similar issue has been considered by the Pune Tribunal in Sant Motiram Maharaj Sahakari Pat Sanstha Ltd. [ 2020 (9) TMI 964 - ITAT PUNE] . This overturn the impugned order to the extent of denial of deduction u/s 80P in respect of interest income. - ITA No.828/PUN/2022 - - - Dated:- 9-12-2022 - Shri R.S. Syal, Vice President For the .....

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..... ssing Officer (AO) denied the deduction, inter-alia, on interest income of Rs.22,30,655 by considering the provisions of section 80P(2)(d) of the Act. The ld. CIT(A) affirmed the action of the AO. Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 4. I have heard both the sides and gone through the relevant material on record. The only issue pressed in this appeal is aga .....

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..... aged in the activity of marketing agricultural produce by its members; accepting deposits from its members and providing credit facility to its members; running stores, rice mills, live stocks, van section, medical shops, lodging, plying and hiring of goods and carriage etc. It was in that background of the facts that the Hon ble High Court held that the assessee could not claim deduction u/s.80P( .....

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