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TMI Blog2024 (11) TMI 1449X X X X Extracts X X X X X X X X Extracts X X X X ..... p Kumar Biswas, Addl. CIT- DR ORDER PER SONJOY SARMA, JUDICIAL MEMBER: Both the captioned appeals filed by the assessee are directed against the separate orders dated 01.02.2014 & 31.01.2024 of the National Faceless Appeal Centre [hereinafter referred to as 'CIT(A)'] passed u/s 250 of the Income Tax Act (hereinafter referred to as the 'Act') for the assessment year 2018-19 & 2014-15 respective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2)(a)(i) of the Act on the ground of interest from investment in fixed deposits with banks by holding that the interest income does not qualify for deduction under the said section. The Assessing Officer passed the order u/s 143(3) of the Act treating the interest income received from fixed deposits with Allahabad Bank of Rs. 36,07,639/-, Punjab National bank of Rs. 37,87,226/- and Tamluk Ghatal C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h bank and Govt. securities is qualified for deduction u/s 80P(2)(a)(i) of the Act. The ld. AR also relied on the decision of Coordinate Visakhapatnam Bench of the Tribunal in the case of ITO vs. Yendagandhi Large Sized Co-operative Society Ltd. reported in [2023] 156 taxmann.com 669 (Visakhapatnam-Trib.) wherein the Tribunal allowed the deduction for interest earned from deposits in cooperative b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dinate Visakhapatnam Bench of the Tribunal in the case of ITO vs. Yendagandhi Large Sized Co-operative Society Ltd. (supra) allowed the deduction for interest income from deposits with the cooperative society and nationalised banks. Following the judicial precedent settled by the Hon'ble High Court, we hold that interest income earned by the assessee from its surplus funds deposited with Allahabad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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