TaxTMI 
TaxTMI 
2019 (5) TMI 1958
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....ome for A.Y 2012-13 on 29.09.2012 declaring total taxable income of Rs. Nil. The case was selected for scrutiny and thereafter the assessment was framed u/s 143(3) of the Act vide order dated 31.03.2015 and the total income was determined at Rs.54,14,690/-. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who vide order dated 29.11.2016 (in appeal No.KOP/68/2015-16) dismissed the appeal of the assessee. Aggrieved by the order of Ld.CIT(A), assessee is now in appeal before us and has raised the following grounds: "1. On the facts and circumstances of the case and in law the Ld.CIT(A) was not justified in deciding the issue in the absence of assessee before him and against the assessee. The directions of the Hon'....
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....he case in the year under consideration is identical to that of earlier years and therefore following the order of earlier years, the issue be decided in favour of the assessee. Ld DR did not controvert the aforesaid submissions of the assessee but however supported the order of lower authorities. 6. We have heard the rival submissions and perused the material on record. The issue in the present ground is with respect to allowability of deduction u/s 80P on the interest income earned by the assessee. We find that identical issue arose in the case of assessee in earlier year. While deciding the issue in A.Y 2005-06, the Co-ordinate Bench of the Tribunal vide order dated 20.04.2018 in ITA No.485/PN/2017 has decided the issue in favour of th....
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....The Assessing Officer while giving effect to the order of Tribunal, passed order dated 29.12.2017. The Assessing Officer noted that there 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 the Tribunal that fixed deposits for the year under consideration were also utilized for different purposes of business and hence, were utilized for carrying on the business activity of co-operative society. Applying ....