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of <h1>Assessee allowed deduction under section 80P(2)(d): interest on surplus bank/post office deposits and non-coop dividends exempt</h1> ITAT Lucknow (AT) allowed the assessee's claim under section 80P(2)(d), holding that interest earned on surplus funds deposited in post offices/commercial ... Deduction u/s 80P - interest income earned out of surplus funds lying deposited in the Post office/commercial bank - HELD THAT:- Issue decided in favour of assessee as relying on M/S CO-OPERATIVE CANE DEVELOPMENT UNION LTD. [2011 (12) TMI 799 - ITAT LUCKNOW] whether Assessee is entitled for exemption u/s 80P(2)(d) on interest income earned out of surplus funds lying deposited in the Post Office/Commercial Bank and dividend, other than Co-operative Societies. Appeal of the Revenue is dismissed. Revenue's appeal challenges the CIT(A)'s allowance of deduction under section 80P for AY 2011-12. The sole substantive issue is the 'allowability of deduction u/s 80P in respect of interest income earned out of surplus funds lying deposited in the Post office/commercial bank.' The assessee relied on a prior Tribunal decision (ITO v. M/s Co-operative Cane Development Union Ltd., ITA No. 352/Lkw/2011, dated 02.12.2011) and its registration certificate as a co-operative society. On review, the Tribunal found the cited decision 'squarely covered in favour of the assessee' and identified no factual distinction warranting a different outcome. Absent any distinguishing facts pointed out by Revenue, the Tribunal followed the precedent and 'decline[d] to interfere' with the CIT(A)'s allowance of the deduction. Revenue's appeal was dismissed.
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