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Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE
Before: SHRI R.S. SYAL
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.
The only issue raised in this appeal is against denial of deduction u/s.80P in respect of interest on FDRs with Nationalised Banks/Private Sector/Scheduled Banks amounting to Rs.22,64,697/-.
2 ITA No.2107/PUN/2017 Yashwantbhau Patil Gramin Bigersheti Sahakari Patsanstha Ltd.,
I have heard both the sides and perused the relevant
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.,
The next ground about charging of interest u/s.234B is consequential.
In the result, the appeal is allowed.
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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