2024 (4) TMI 1171

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....shant Mahajan- Sr. A.R. ORDER Per: Ratnesh Nandan Sahay, Accountant Member: 1. Present appeal has been filed against the order of the Ld. CIT (Appeals) passed u/s 250 of the Income Tax Act [the 'Act' in short] vide DIN & its Order No. ITBA/NFAC/S/250/2023-24/1055925705(1) dated 11/9/2023 for the assessment year 2016-17. 2. Though, several grounds of appeal have been raised by the appellant,....

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....e issue in the favour of the assessee. The extract of the decision was given as under: "13. We find that the learned CIT(A) has placed reliance upon the decisions of the Hon'ble Karnataka High Court in Pr. CIT v. Totagars Co-operative Sales Society [2017] taxmann.com 140/395 ITR 611, wherein it was held that interest earned by the assessee, a co-operative Society from surplus deposits kept with ....

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....th the views of the Hon'ble High Court, adopt an objective criterion for deciding as to which decision of the Hon'ble High Court should be followed by us. We find guidance from the judgment of the Hon'ble Supreme Court in CIT v. Vegetable Products Ltd [1973] 88 ITR 192. In the aforesaid decision, the Hon'ble Supreme Court has laid down a principle that "if two reasonable constructions ....