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Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE
Before: SHRI R.S. SYAL
आदेश / ORDER PER R.S.SYAL, VP :
This appeal by the assessee is arising out of the order passed by the CIT(A)-7, Pune, dated 06-10-2017 in relation to the A.Y. 2014-15.
The only issue raised in this appeal is against the denial of deduction u/s.80P of the Income-tax Act, 1961 (hereinafter
2 ITA No.3101/PUN/2017 Sugar Cane Producers Vividha Karyakari Sah. Society Ltd.,
also called `the Act’) in respect of interest earned from
Nationalised and Private Sector banks.
I have heard both the sides and perused the relevant
material on record. Shorn of unnecessary details, it is
observed that the assessee earned interest income amounting
to Rs.13,80,643/- on certain investments/FDRs and claimed
deduction u/s.80P of the Act on interest income as well. The
AO denied the deduction on interest income, 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 years 2012-13 and 2013-14. Vide its
order dated 26-10-2018, the Tribunal in ITA Nos.2537 &
2538/PUN/2017 has allowed deduction on interest income
earned from investments in Fixed Deposits. A copy of such
order has been placed on record. The tribunal has passed the
order 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
3 ITA No.3101/PUN/2017 Sugar Cane Producers Vividha Karyakari Sah. Society Ltd.,
preceding years. Respectfully following the view taken by the Tribunal in assessee’s own case for the immediately preceding assessment years, I overturn the impugned order on this score and order to grant deduction u/s.80P on such interest income.
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� क� �ितिलिप क� �ितिलिप �ितिलिप अ�ेिषत �ितिलिप अ�ेिषत अ�ेिषत/Copy of the Order is forwarded to: 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/ BY ORDER, आदेशानुसार आदेशानुसार // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune
ITA No.3101/PUN/2017 Sugar Cane Producers Vividha Karyakari Sah. Society Ltd.,
Date 1. Draft dictated on 12-11-18 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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