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TMI Blog2023 (11) TMI 1212X X X X Extracts X X X X X X X X Extracts X X X X ..... on Fixed Deposits from the S. K. District Co-operative Bank Ltd. As per the decision of Hon ble Gujarat High Court in case of Sabarkanta District Co-op. Milk Producers Union Ltd. [ 2014 (6) TMI 977 - GUJARAT HIGH COURT] the credit society is allowed deduction under Section 80P(2)(d) of the Act, if the interest on FD is earned from District Cooperative Bank. Therefore, in the present assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, of Rs.2,03,169/- thereby dismissing the appeal. 2. On the facts and in the circumstances of the case and in law the learned CIT(A) ought to have allowed the appeal and ought to have deleted the disallowance of Rs.2,03,169/- 3. It is therefore prayed that the appeal may be allowed and the disallowance of Rs.2,03,169/- upheld by the CIT(A)-11, Ahmedabad, may be deleted. 3. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 5. The Ld. AR submitted that the Assessing Officer has no clarity about the provisions of Section 80P of the Act, as would be seen from the observations related to the judgment of the Hon ble Gujarat High Court in para 2 of the order. The Ld. AR submitted that the Assessing Officer made the disallowance only because according to him the interest was received on FD with Banks. The Ld. AR subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the business income of the assessee as it forms income from other sources. 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that the assessee earned interest on Fixed Deposits from the S. K. District Co-operative Bank Ltd. As per the decision of Hon ble Gujarat High Court in case of Sabarkanta District Co-op. Milk Producers Union L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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