2022 (1) TMI 1158

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....hri Piyush Kumar Singh Yadav ORDER PER R.S. SYAL, VP : This appeal by the Revenue arises out of the order dated 27-11-2018 passed by the CIT(A)-2, Pune in relation to the assessment year 2011-12 allowing the benefit of deduction u/s.80P(2)(a)(i) of the Income-tax Act, 1961 (hereinafter also called ` the Act') on interest income earned by the assessee. 2. Briefly stated, the facts of th....

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....adit Vs. ITO (ITA No.604/PN/2014) had allowed the deduction in similar circumstances. In the said case, the Tribunal discussed the contrary views expressed by the Hon'ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 Taxman 309 (Kar.) allowing deduction u/s. 80P on interest income and that of the Hon'ble Delhi High Court in Mantola Cooperative Thrift ....

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.... is not relevant. The issue in that case was the eligibility of deduction u/s.80P(2)(d) of the Act on interest earned by the assessee co-operative society on investments made in co-operative banks. In that case, the assessee was engaged in the activity of marketing agricultural produce by its members; accepting deposits from its members and providing credit facility to its members; running stores,....