2018 (11) TMI 1589

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....y the Revenue is directed against the order passed by the CIT(A)-2, Nashik on 20-01-2016 in relation to the Assessment Year 2012-13. 2. The only grievance projected by the Revenue in its appeal is against the allowing of deduction u/s.80P of the Income-tax Act, 1961 (hereinafter also called as 'the Act') in respect of interest earned by the assessee society from State Bank of India, which was den....

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....sed the relevant material on record. It is observed that the ld. CIT(A) allowed the claim of deduction u/s.80P by following the order passed by the Tribunal in the case of Shivneri Nagari Sahakari Patsanstha Ltd. (supra). The ld. AR placed on record a copy of the another order of the Pune Bench dated 19-08-2015 in the case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit Vs. ITO (ITA No.....

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....SC). There being no direct judgment from the Hon'ble jurisdictional High Court on the point, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to go with the view taken in favour of the assessee by the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). In the absence of their being any change in the legal p....