2022 (6) TMI 74

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....ances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs.1,47,98,826/- made on account of disallowance of deduction claimed u/s 80P of the Income Tax Act, 1961 on the interest received on the deposits made in various bank accounts, without appreciating the fact that it is a case of parking of surplus funds and the case is squarely covered by the decision of Hon'ble Supreme Court in the case of Totgar's Co-operative Sales Society Ltd. (in CA No. 1622 of 2010), the decision of Hon'ble Delhi High Court in the case of M/s Mantola Co-operative Thrift & Credit Society Ltd. (ITA No. 128/2017) and the decision of Karnataka High Court in the case of CIT vs. M/s Sangam Sahakari Karkane Niyamith (order dated 30.10.2017 in....

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....ellant during appeal hearing submitted that the issues have been decided in favour of the appellant through the order of the Hon'ble ITAT Delhi for A.Ys. 2010-11 and 2011-12 vide ITA No. 2900 & 2901/Del/2015 date of order 26.04.2018. In this order the Hon'ble ITAT Delhi, allowed the deduction claimed by the appellant u/s 80P(2)(i) on interest from Bombay Mercantile Cooperative Bank and on dividend income from Delhi Cooperative Bank stating that the interest income on fixed deposits with other cooperative societies falls within the exemption granted by Sec. 80P(2)(d) of the Act. The ITAT further stated that the interest income from Bank is exempt u/s 80P(2)(i) of the Act. While giving their judgment the hon'ble Delhi ITAT have referr....

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.... on the identical issue revenue's appeal were dismissed and there is no distinguishing factors pointed out by the Ld. DR in the present appeal as well. Therefore, the matter is squarely covered by the decision of the Tribunal in assessee's own case for earlier years. The relevant part of decision of the Tribunal in ITA No. 2900 & 2901 for Assessment Years 2010-2011 & 2011- 2012 is reproduced as under "8. Therefore, the word "attributable to" is certainly wider in import than the expression "derived from". Whenever the legislature wanted to give a restricted meaning, they have used the expression "derived from". The expression "attributable to" being of wider import, the said expression is used by the legislature whenever they inten....

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....and decided the issue in favour of the assessee and held that assessee is eligible for deduction under section 80P(2)(a)(i) of the I.T. Act for the interest income earned on unutilized idle funds kept for business purposes of the Society being deposited with Banas Bank. The Ld. CIT(A) in the case of the same assessee for A.Y. 2013-2014 vide order dated 15.02.2018 following the order of the Tribunal for A.Y. 2008- 2009 allowed the claim of assessee. Therefore, there were no justification for Ld. CIT(A) in not following the order of the Tribunal in the case of same assessee for A.Y. 2008-2009. The Hon'ble Madhya Pradesh High Court in the case of Agrawal Warehousing and Leasing Ltd., 257 ITR 235 held that the Ld. CIT(A) not only committed ....