2011 (7) TMI 1221

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....question of law raised in this appeal by the Revenue reads thus : "Whether on facts and circumstances of the case and in law the Hon'ble ITAT was right in holding that interest income being Interest on Fixed Deposits placed with other banks other than cooperative banks amounting to ₹ 25,10,449/- qualifies for deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961?" 2. The assessee....

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....case of The Totgars Co-operative Sale Society Ltd. V/s Income Tax Officer, reported in (2010) 322 ITR 283, the decision of ITAT needs reconsideration. 4. In our opinion, there is no merit in the above contention because in the case of Totgars Cooperative Sale Society Ltd (Supra), the Apex Court in para 11 of its judgment has held that the decisions relating to the Cooperative banks are distinguis....