YASHWANTBHAU PATIL GRAMIN BIGERSHETI SAHAKARI PATSANSTHA LTD,SOLAPUR vs. INCOME-TAX OFFICER, WARD - 2, PANDHARPUR

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE

BEFORE SHRI R.S. SYAL, VICE PRESIDENT

आयकर अपील सं. / ITA No.2107/PUN/2017 िनधा�रण वष� / Assessment Year : 2013-14 Yashwantbhau Patil Gramin ITO, Ward-2, Bigersheti Sahakari Patsanstha Pandharpur Vs. Ltd., Bhose, Tal. Pandharpur, Solapur – 413 315 PAN : AAABY0026E (Appellant) (Respondent)

Appellant by Shri S.N. Puranik Respondent by Shri Rajesh Gawli Date of hearing 12-11-2018 Date of pronouncement 13-11-2018 आदेश / ORDER PER R.S.SYAL, VP :

This appeal by the assessee is arising out of order passed by the CIT(A)-7, Pune, on 15-06-2017 in relation to the A.Y. 2013-14.

2 ITA No.2107/PUN/2017 Yashwantbhau Patil Gramin Bigersheti Sahakari Patsanstha Ltd.,

material on record. Shorn of unnecessary facts, it is observed

that the assessee earned interest income amounting to Rs.22.64

lakh and odd on certain investments/FDRs and also claimed

deduction u/s.80P in respect of such interest income. The AO

denied the deduction which view came to be upheld in the first

appeal. It is observed that similar issue was raised in the

assessee’s appeal for the immediately preceding assessment

year 2012-13. Vide its order dated 18-05-2018, the Tribunal

in ITA No.705/PUN/2017 has allowed deduction on interest

income earned from investments in Fixed Deposits. A copy of

the order has been placed on record. Such decision has been

taken after considering the judgment of Hon’ble Supreme

Court in the case of Totgar’s Cooperative Sale Society Ltd.

VS. ITO 322 ITR 283 (SC). The ld. Departmental

Representative fairly admitted that the facts and circumstances

of the instant appeal are mutatis mutandis similar to those of

preceding year. Respectfully following the view taken by the

Tribunal in assessee’s own case for the immediately preceding

assessment year, I overturn the impugned order on this score

and order to grant deduction u/s.80P on such interest income.

3 ITA No.2107/PUN/2017 Yashwantbhau Patil Gramin Bigersheti Sahakari Patsanstha Ltd.,

Order pronounced in the Open Court on 13th November, 2018. Sd/- (R.S.SYAL) उपा�य�/ VICE PRESIDENT उपा�य� उपा�य� उपा�य�

पुणे Pune; �दनांक Dated : 13th November, 2018 सतीश आदेश क� क� �ितिलिप �ितिलिप अ�ेिषत अ�ेिषत/Copy of the Order is forwarded to: क� क� �ितिलिप �ितिलिप अ�ेिषत अ�ेिषत आदेश आदेश आदेश 1. अपीलाथ� / The Appellant; 2. ��यथ� / The Respondent; 3. आयकर आयु�(अपील) / The CIT (Appeals)-7, Pune 4. आयकर आयु� / The Pr. CIT-6, Pune 5. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, पुणे “SMC” / DR ‘SMC’, ITAT, Pune; 6. गाड� फाईल / Guard file. // True copy // आदेशानुसार आदेशानुसार आदेशानुसार/ BY ORDER, आदेशानुसार

// True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune

ITA No.2107/PUN/2017 Yashwantbhau Patil Gramin Bigersheti Sahakari Patsanstha Ltd.,

Date 1. Draft dictated on 12-11-18 Sr.PS 2. Draft placed before author 12-11-18 3. Draft proposed & placed before the second member 4. Draft discussed/approved by Second Member. 5. Approved Draft comes to the Sr.PS/PS 12-11-18 6. Kept for pronouncement on 13-11-18 7. File sent to the Bench Clerk 13-11-18 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order.

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