2019 (1) TMI 2066

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.... ORDER PER R.S. SYAL, VP : This appeal by the Revenue arises out of the order passed by the CIT(A)-1, Nashik on 04-11-2016 in relation to the assessment year 2013-14. 2. The only issue raised in this appeal is against not allowing deduction u/s. 80P(2)(a)(i) of the Income-tax Act, 1961 (hereinafter also called as 'the Act') on interest income of Rs. 72,93,770/- earned from banks other th....

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....rayan Nagari Sahakari Pat Sanstha Maryadit Vs. ITO (ITA No. 604/PN/2014) has allowed deduction u/s 80P of the Act in similar circumstances vide its order dated 19-08-2015. In that case, the Pune Bench discussed the contrary views expressed by the Hon'ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 taxmann 309 (Kar.) allowing the deduction u/s. ....