2013 (11) TMI 1604

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....i Nikhil Pathak ORDER PER SHAILENDRA KUMAR YADAV, J.M: This appeal has been filed by revenue against the order of Commissioner of Income Tax (Appeal)-I, (short CIT(A)-I) Pune, dated 14.12.2012 for A.Y. 2009-10 on the following grounds. 1. The order of the learned Commissioner of Income-tax (Appeals) is contrary to law and to the facts and circumstances of the case. 2. The learned Co....

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....ther grounds as may be urged at the time of hearing, the order of the learned CIT (Appeals) may be vacated and that of the Assessing Officer be restored. 5. The appellant craves leave to add, alter or amend any or all the grounds of appeal. 2. At the outset of hearing, learned Authorized Representative pointed out that this issue is covered in favour of assessee by the decision of ITAT, Pune....

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....his section, the sums specified in subsection (2), in computing the total income of the assessee. 80P(2): The sums referred to in sub-section (1) shall be the following, namely: (a) ........... (b) ........... (c) ........... 2(d): In respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, th....

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....he interest received on deposit kept with the Aurangabad District Central Cooperative Bank is an allowable deduction. So far as the finding of the Ld. CIT(A) that the provisions of Sec. 80P(2)(a)(i), in our opinion the decision of the Hon'ble Supreme Court in the case of Totagars Cooperative Vs. ITO (supra) is against the assessee as interest received on deposits with Aurangabad District Centr....