2019 (1) TMI 1994

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....1 to the appellant in respect of interest income of Rs.71,56,584.00 earned from fixed deposits kept by it with nationalized banks and has further erred in taxing the said income u/s.56 of the I.T. Act 1961.The aforesaid addition being patently illegal, bad in law, arbitrary, perverse and devoid of merits the same may please be deleted and it may please be held that the aforesaid interest income is exempt u/s.80P[2][a][i] of the I. T. Act 1961. 2. In the facts and circumstances of the case and in law, the learned C.I.T.[A] has grossly erred in denying deduction u/s.80P[2][a][i] of the I. T. Act 1961 to the appellant in respect of Dividend income and interest on NRF amounting to Rs.3,028.00. The aforesaid addition being patently illegal, ba....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....time of hearing submitted that ground No.1 is already decided in favour of the assessee by the decision of the Co-ordinate Bench of the Tribunal, Pune in ITA No.589/PUN/2016 for the assessment year 2012-13 in the case of ITO Vs. Sureshdada Jain Nagri Sahakari Patsanstha, therein, in Para 2 of the order, the issue is as under: "2. The only grievance projected by the Revenue in its appeal is against the allowing of deduction u/s.80P of the Income Tax Act, 1961 (hereinafter also called as 'the Act') in respect of interest earned by the assessee society from State Bank of India which was denied by the Assessing Officer." Thereafter, the Tribunal has held as follows: "4.We have heard both the sides and perused the relevant material on recor....