2022 (6) TMI 74

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....ing 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 ITA No. 100011/2016)." 3. Briefly stated, the asse....

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....f 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 referred to the judgment of the case of Tumkar Merchants Souharda Credit Cooperative Ltd. ....

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.... 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 intended to gather receipts from sources other than the actual conduct of the business. A Cooperative Society whic....