H U GUGALE NAGARI SAHKARI PATSANSTHA MARYADIT, AHMEDNAGAR,AHMEDNAGAR vs. INCOME TAX OFFICER, WARD-2, AHMEDNAGAR, AHMEDNAGAR

This appeal by the assessee is directed against the order dated 10-10-2023 passed by the CIT(A) in National Faceless Appeal Centre (NFAC), Delhi in relation to the Assessment Year 2020-21.

The only issue raised in this appeal is against the denial of deduction u/s.80P in respect of interest income earned from Cooperative Societies/Nationalized Banks.

We have heard both the sides and gone through the relevant material on record. At the outset, the ld. AR submitted that similar issue came up for consideration before the Tribunal (ITA No.218/PUN/2023) in assessee’s own case for the A.Y. 2018-19. A copy of the Tribunal order dt. 18-04-2023 deciding this issue in favour of the assessee is available on record. The ld. DR fairly admitted the factual position so stated. In view of the rival but concurring arguments, we, respectfully following the precedent, allow the deduction u/s.80P in respect of interest income in dispute.

In the result, the appeal is allowed.