2018 (4) TMI 1931

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.... order of CIT(A)-2, Kolhapur, dated 29.11.2016 relating to assessment year 2005-06 against order passed under section 143(3) r.w.s. 254 of the Income-tax Act, 1961 (in short "the Act‟). 2. The assessee has raised the following grounds of appeal:- 1. On the facts and in the circumstances of the case and in law the Ld. CIT(A) was not justified in deciding the issue in the absence of assess....

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....vii) of the Act. 3. The learned Authorized Representative for the assessee at the outset pointed out that the issue raised in the present appeal is squarely covered by the orders of Tribunal in assessee‟s own case in earlier years starting from assessment year 2007-08 to 2011-12. The learned Authorized Representative for the assessee also pointed out that the Assessing Officer while giving....

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....laim of assessee under section 80P(2)(a)(vii) of the Act in respect of its activities. However, denied the said claim on interest earned on fixed deposits on accrual basis at Rs. 7,59,984/-. The CIT(A) had restricted the addition to 50% of interest earned on the ground that some fixed deposits were required to be kept by the assessee co-operative society being bank guarantee to procure the busines....

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....re was direct nexus of fixed deposits with the business of assessee being on account of security deposits, bank guarantee required, solvency certificate to be provided, held the assessee to be entitled to claim the aforesaid deduction under section 80P(2)(a)(vii) of the Act on the entire interest on fixed deposits. The learned Authorized Representative for the assessee fairly pointed out before th....