Indian Kanoon - Search engine for Indian Law

Income Tax Appellate Tribunal - Pune

Nashik Road Nagari Sahkari Patsanstha ... vs Income Tax Officer, Ward-1(2), Nashik, ... on 7 June, 2023

      IN THE INCOME TAX APPELLATE TRIBUNAL
                 SMC BENCH, PUNE
            BEFORE SHRI R.S. SYAL, VICE PRESIDENT

              आयकर अपील सं. /ITA No.480/PUN/2023
                   नधारण वष / Assessment Year : 2014-15

          Nashik Road Nagari Sahkari     Vs.   ITO,
          Patsanstha Maryadit,                 Ward-1(2),
          7/8, Yashwant Apartment,             Nashik
          Jail Road, Amrut Nagar,
          Dr. Gujarathi Hospital Road,
          Nashik Road, Nashik
          Maharashtra - 422 101
          PAN : AAAAN2225K
                     Appellant                  Respondent


     Assessee by                 Shri Sanket Joshi
     Revenue by                  Shri Gurmel Singh

     Date of hearing             07-06-2023
     Date of pronouncement       07-06-2023

                            आदे श / ORDER

PER R.S. SYAL, VP:

This appeal by the assessee is directed against the order dated 25-02-2023 passed by the CIT(A) in National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2014-15.

2. The only issue raised in this appeal is against denial of deduction u/s.80P in respect of interest income earned from the deposits kept with Nationalised bank. 2 ITA No.480/PUN/2023

Nashik Road Nagari Sahkari Patsanstha Maryadit

3. Briefly stated, the facts of the case are that the asessee is a Cooperative credit society engaged in the business of providing credit facilities to its members. It claimed deduction u/s.80P(2) in respect of interest income of Rs.3,04,556/- from the deposits kept with Bank of Baroda. The Assessing Officer (AO) did not allow the deduction, which action came to be affirmed in the first appeal. Aggrieved thereby, the assessee has come up in appeal before the Tribunal.

4. Having heard the rival submissions and perused the relevant material on record, it is seen that the issue of granting deduction u/s.80P(2)(a)(i) in respect of interest income from nationalized banks has been decided in favour of the assessee by the Tribunal in several cases including the assessee's own case for the immediately preceding assessment year 2013-14. A copy of such order dated 27- 12-2021 has been placed on record. Relevant discussion has been made in para No.9 granting deduction u/s 80P(2)(a)(i) on account of interest received from the deposits kept with Bank of Baroda in the form of Fixed deposit. Such decision has not been modified of reversed in any manner. Respectfully following the precedent, I order to grant deduction u/s 80P on the interest income earned from Bank of Baroda.

ITA No.480/PUN/2023

Nashik Road Nagari Sahkari Patsanstha Maryadit

5. In the result, the appeal is allowed.

Order pronounced in the Open Court on 07th June, 2023.

Sd/-

(R.S.SYAL) VICE PRESIDENT पुणे Pune; िदनां क Dated : 07th June, 2023 सतीश आदे श की ितिलिप अ े िषत/Copy of the Order is forwarded to:

1. अपीलाथ / The Appellant;

2. थ / The Respondent

3. The Pr.CIT concerned

4. DR, ITAT, 'SMC' Bench, Pune

5. गाड फाईल / Guard file.

आदे शानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune 4 ITA No.480/PUN/2023 Nashik Road Nagari Sahkari Patsanstha Maryadit Date

1. Draft dictated on 07-06-2023 Sr.PS

2. Draft placed before author 07-06-2023 Sr.PS

3. Draft proposed & placed before JM the second member

4. Draft discussed/approved by JM Second Member.

5. Approved Draft comes to the Sr.PS Sr.PS/PS

6. Kept for pronouncement on Sr.PS

7. Date of uploading order Sr.PS

8. File sent to the Bench Clerk Sr.PS

9. Date on which file goes to the Head Clerk

10. Date on which file goes to the A.R.

11. Date of dispatch of Order.

*