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TaxTMI 
TaxTMI 
TaxTMI 
2022 (6) TMI 1152
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....sed u/s.250 on -9-2018 for A.Y.2015-16 by CIT(A)- GNR , Abad upholding the disallowance of deduction u/s 80P of interest income of Rs. 3,81,570/- made by AO is wholly illegal, unlawful and against the principles of natural justice. 1.2 The Ld. CIT(A) has grievously erred in law and or on facts in not considering fully and properly the submissions made and evidence produced by the appellant with regard to the Impugned disallowance. 2.1 The Ld. CIT(A) has grievously erred in law and on facts in confirming disallowance of deduction u/s 80P of interest income of Rs. 3,81,570/- 2.2 That in the facts and circumstances of the case as well as in law, the Ld. CIT(A) ought not to have upheld the disallowance of deduction u/s 80P of interest inc....
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.... it is always open for it to deposit the surplus funds with a co-operative bank and avail of deduction under section 80P(2)(d) of the Act." However, what is to be noted is that in this case, while adjudicating the first ground of appeal against order u/s 263 of the Act, the Hon'ble Gujarat HC upheld the invocation of section 263 by the Pr CIT as upheld by ITAT. Further with respect to the second question of law before it also the Court has decided in favour of the Revenue that interest income from funds invested in State Bank of India are not eligible for deduction under section 80P(2](d) of the Act (supra). The phrase as last line of para 16 "If the appellant wants to avail of the benefit of deduction of such interest income, it is a....
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....essee changed its tax consultant. The process of non-receipt of appellate order and appointing a new consultant has taken time which resulted in late filing of appeal by 106 days. We have heard the assessee's contentions and perused the material on record. In our considered view, the assessee has good case in merits. The Supreme Court in the case of Collector, Land Acquisition v. Mst. Katiji 1987 taxmann.com 1072, analyzed the provisions of law qua limitation Act and held that the expression 'sufficient cause' employed by the legislature in the Limitation Act is adequately elastic to enable the Courts to apply the law in a meaningful manner which sub-serves the ends of justice-that being the life purpose for the existence of the ins....
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....ry of such time a bad cause would transform into a good cause. The object of providing legal remedy is to repair the damage caused by reason of legal injury. If the explanation given does not smack mala fides or is not shown to have been put forth as a part of a dilatory strategy, the Court must show utmost consideration to the suitor." In a considered view, in view of the factual situation presented before us, in the interests of justice, we are condoning the delay in filing the appeal. 5.1 On merits, the issue for consideration before us is whether the assessee is eligible to claim deduction on interest earned from Co-Operative Banks u/s 80P(2)(d) of the Act. In our considered view, Ld. CIT(A) has erred in law in holding that the observa....
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....Tata Iron & Steel Co. Ltd. v. D.V. Bapat , ITO [1975]101 ITR 292, has held that obiterdicta of Supreme Court is binding on all High Courts. When the obiter dicta of Supreme Court is binding on all High Courts, we fail to appreciate as to how obiter dicta of the Hon'ble jurisdictional High Court can be claimed as not binding on all the authorities falling within its jurisdiction. We, therefore, refuse to accept this contention. Therefore, in our view, the Ld. CIT(A) has erred in law and in facts in holding that the above order of the jurisdictional Gujarat High Court in the case of State Bank of India Vs. CIT (2016) 389 ITR 578 (Guj) has no binding effect on the jurisdictional Revenue authorities. 5.3 It may further be noted that in th....