2019 (1) TMI 1564

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....ith affidavits, it has been stated that against the order of the CIT(Appeals) with respect to deduction u/s. 80P(2)(a)(i) of the Income-Tax Act, 1961 ["the Act"], the former counsel of the assessee opined that the matter should not be appealed further. However, on the appointment of statutory auditor for the FY 2017-18, it was advised that appeal has to be preferred for relief. Accordingly, this appeal came to be filed before the Tribunal with a delay of 343 days on account of reasonable cause as aforesaid and condonation of delay was prayed for. 3. Considering the rival submissions, I am of the view that there is reasonable cause for delay in filing the appeal and accordingly the delay is condoned and the appeals are admitted for adjudi....

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....ision of the Hon'ble Karnataka High Court in the case of PCIT Vs. Totgars Co-operative Sale Society Ltd. 395 ITR 611 (Karn). 7. I have carefully gone through the judgment relied by the learned DR. The facts of the case before the Hon'ble Karnataka High Court in the decision cited by the learned DR was that the Hon'ble Court was considering a case relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the Hon'ble Supreme Court in the case of the very same Assessee, the Assessment years involved was AY 1991-92 to 1999- 2000. The nature of interest income for all the AYs was identical. The bone of contention of the Assessee in AY 2007-08 to 2011-12 was that the deduction under Section 80P(2) of the Act is claimed by the re....