M/s Shree Keshava Pathina Sahakara Sangha Niyamitha, Mysore V. ITO, Mysore

ITA 102/BANG/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 95439 (ITAT-BANGALORE)
• Duration Of Justice: 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-12-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 09-12-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 03-02-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR P K SRIHARI
• Keywords: Business income; Question of law
• Section: 56; 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : BANGALORE BEFORE SHRI VIJAY PAL RAO , JUDICIAL MEMBER A ND SHRI INTURI RAMA RAO , ACCOUNTANT MEMBER ITA NO. 102 /BANG/201 5 (ASSESSMENT YEAR: 20 11 - 12 ) SHREE KESHAVA PATHINA SAHAKARA SANGHA NIYAMITHA, NO.12 60, 3 RD CROSS, NEAR VINAYAKA NURSHING HOME, KRISHNAMURTHYPURAM, MYSORE - 570004. PAN: AAAAS 5752 J APPELLANT VS. INCOME - TAX OFFICER, WARD 2(2), MYSORE. RESPONDENT APPELLANT BY: SHRI SURESH MUTHUKRISHNAN, CA. RESPONDENT BY: D R. P.K.SRIHARI (DR) DATE OF HEARING : 09 / 12 /2015. DATE OF PRONOUNCEMENT: 30 / 12 /2015. O R D E R PER VIJAY PAL RAO, JM : THIS APPEAL BY THE AS SESSEE IS DIRECTED AGAINST THE ORDER DATED 16/10/2014 OF CIT(A) FOR THE ASSESSMENT YEAR 2011 - 12. 2. THE ASSESSEE IS A CREDIT CO - OPERATIVE SOCIETY AND MAINLY ENGAGED IN THE ACTIVITY OF PROVIDING CREDIT FACILITIES TO ITS MEMBERS. THE ASSESSEE FILED ITS RETURN OF INCOME DECLARING NIL INCOME AFTER CLAIMING DEDUCTION U/S 80P. THE ASSESSING OFFICER (AO) DENIED THE CLAIM OF DEDUCTION U/S 80P ON THE GROUND THAT INTEREST AMOUNT OF RS.4,50,127/ - EARNED BY THE ASSESSEE FROM ITS ACTIVITY OF LENDING MONEY TO ITS MEMBERS WAS NOT ALLOWABLE AS ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 2 OF 10 DEDUCTION U/S 80P BECAUSE THE ACTIVITY OF THE ASSESSEE CONSTITUTED BANKI NG ACTIVITY IN TERMS OF SEC.80P(4). 3. THE ASSESSEE CHALLENGED THE ACTION OF THE AO BEFORE THE CIT(A). THE CIT(A) ALLOWED THE CLAIM OF THE ASSESSEE TO THE EXTENT OF THE INTEREST ON THE CREDIT GIVEN TO THE MEMBERS BUT CONFIRMED THE DISALLOWANCE OF DEDUCTION U/S 80P IN RESPECT OF INTEREST INCOME FROM DEPOSITS KEPT WITH BANKS. IN SUPPORT OF HIS FINDING, THE CIT(A) HAS RELIED UPON THE JUDGMENT OF THE HON BLE SUPREME COURT IN THE CASE OF TOTGAR S CO - OPERATIVE SOCIETY LTD. VS. ITO (188 TAXMAN 282). 4. BEFORE US, L EARNED AR OF THE ASSESSEE HAS SUBMITTED THAT THIS ISSUE IS NOW COVERED BY THE JUDGMENT OF THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. SRI BILURU GURUBASAPPA PATTINA SAHAKARI SANGHA NIYAMITA (369 ITR 86). HE HAS ALSO REL IED UPON THE DECISION OF THE CO - ORDINATE BENCH OF THIS TRIBUNAL DATED 3/7/2015 IN ITA NO.21/BANG/2015 IN CASE OF M/S.SYNDICATE RYTHARA SAHAKARA BANK LTD. VS. ITO AND SUBMITTED THAT THE TRIBUNAL AFTER CONSIDERING THE JUDGMENTS OF THE HON BLE SUPREME COURT IN THE CASE OF TOTGAR S CO - OPERATIVE SOCIETY LTD. (SUPRA) AS WELL AS THE JUDGMENT OF THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF TUMKUR MERCHANTS SOUHARDA CREDIT CO - OPERATIVE SOCIETY LTD. (230 TAXMAN 309) HELD THAT THE ASSESSEE IS ENTITLED FOR DED UCTION U/S 80P(2)(A)(I) IN RESPECT OF INTEREST INCOME ON FIXED DEPOSITS. ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 3 OF 10 ON THE OTHER HAND, LEARNED DEPARTMENTAL REPRESENTATIVE HAS HEAVILY RELIED UPON THE IMPUGNED ORDER OF THE CIT(A) AS WELL AS THE JUDGMENT OF THE HON'BLE SUPREME COURT IN THE CASE OF TO TGAR S CO - OPERATIVE SOCIETY LTD. (SUPRA) . 5. HAVING CONSIDERED THE RIVAL SUBMISSIONS AS WELL AS THE RELEVANT MATERIAL ON RECORD, WE NOTE THAT THE JUDGMENT OF THE HON BLE SUPREME COURT IN THE CASE OF TOTGAR S CO - OPERATIVE SOCIETY LTD. (SUPRA) HAS BEEN DULY CONSIDERED BY THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF TUMKUR MERCHANTS SOUHARDA CREDIT CO - OPERATIVE SOCIETY LTD. (SUPRA). THE CO - ORDINATE BENCH OF THIS TRIBUNAL IN THE CASE OF M/S.SYNDICATE RYTHARA SAHAKARA BANK LTD. (SUPRA) WHILE DECIDIN G AN IDENTICAL ISSUE HAS HELD IN PARAGRAPHS 6.3.1 AND 6.3.2 AS UNDER: 6.3.1 WE HAVE HEARD THE RIVAL SUBMISSIONS ON THE ISSUE BEFORE US AND PERUSED AND CAREFULLY CONSIDERED THE MATERIAL ON RECORD; INCLUDING THE JUDICIAL PRONOUNCEMENTS CITED AND PLACED RELIANCE UPON. WE FIND THAT BOTH THE AUTHORITIES BELOW HAVE PLACED RELIANCE ON THE JUDGMENT OF THE HON'BLE APEX COURT IN THE CASE OF TOTAGARS CO - OPERATIVE SALE SOCIETY LTD. (SUPRA) AND HELD THAT THE INTEREST INCOME EARNED BY CO - OPERATIVE SOCIETIES FROM BA NK DEPOSITS CANNOT BE REGARDED AS INCOME EARNED FR OM THE BUSINESS OF PROVIDING CREDIT FACILITIES TO ITS MEMBERS AND THEREBY, ARE NOT ENTITLED TO DEDUCTION UNDER SECTION 80P(2)(A)(I) OF THE ACT. HOWEVER, THE HON'BLE HIGH COURT OF KARNATAKA IN THE CASE OF T UMKUR MERCHANTS SOUHARDA CREDIT CO - OPERATIVE SOCIETY LTD. (SUPRA) , HAS OBSERVED THAT THE JUDGMENT OF THE HON'BLE APEX COURT IN THE CASE OF TOTAGARS CO - OPERATIVE SALE SOCIETY LTD. ( SUPRA) WAS ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 4 OF 10 CONFINED TO THE FACTS OF THAT CASE AND THAT THERE WAS NO LAW LAI D DOWN BY THE HON'BLE APEX COURT THAT INTEREST INCOME HAS TO BE ASSESSED UNDER THE HEAD OTHER SOURCES . THE RELEVANT OBSERVATION S OF THE HON'BLE HIGH COURT OF KARNATAKA AT PARAS 6 TO 10 ARE EXTRACTED HEREUNDER : - 6. FROM THE AFORESAID FACTS AND RIVAL CONTENTIONS, THE UNDISPUTED FACTS WHICH EMERGES IS, THE SUM OF RS.1,77,305 REPRESENTS THE INTEREST EARNED FORM SHORT TERM DEPOSITS AND FROM SAVINGS BANK ACCOUNT. THE ASSESSEE IS A CO - OPERATIVE SOCIETY PROVIDING CREDIT FACILITIES TO ITS MEMBERS. IT IS NOT CARRYING ON ANY OTHER BUSINESS. THE INTEREST INCOME EARNED BY THE ASSESSEE BY PROVIDING CREDIT FACILITIES TO ITS MEMBERS IS DEPOSITED IN THE BANKS FOR A SHORT DURATION WHICH HAS EARNED INTEREST. THEREFORE, WHETHER THIS INTEREST IS ATTRIBUTABLE TO THE BU SINESS OF PROVIDING CREDIT FACILITIES TO ITS MEMBERS, IS THE QUESTION. IN THIS REGARD, IT IS NECESSARY TO NOTICE THE RELEVANT PROVISION OF LAW I.E., SECTION 80P(2)(A)(I) : DEDUCTION IN RESPECT OF INCOME OF CO - OPERATIVE SOCIETIES : 80P (1) WHERE, IN THE CASE OF AN ASSESSEE BEING A CO - OPERATIVE SOCIETY, THE GROSS TOTAL INCOME INCLUDES ANY INCOME REFERRED TO IN SUB - SECTION (2), THERE SHALL BE DEDUCED, IN ACCORDANCE WITH AND SUBJECT TO THE PROVISIONS OF THIS SECTION, THE SUMS SPECIFIED IN SUB - SECTION (2), IN COMPUTING THE TOTAL INCOME OF THE ASSESSEE. (2) THE SUMS REFERRED TO IN SUB - SECTION (1) SHALL BE THE FOLLOWING, NAMELY : (A) IN THE CASE OF CO - OPERATIVE SOCIETY ENGAGED IN (I) CARRYING ON THE BUSINESS OF BANKING OR PROVIDING CREDIT FACILITIES TOITS M EMBERS, OR (II) XXX (III) XXX (IV) XXX ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 5 OF 10 (V) XXX (VI) XXX (VII) XXX THE WHOLE OF THE AMOUNT OF PROFITS AND GAINS OF BUSINESS ATTRIBUTABLE TO ANY ONE OR MORE OF SUCH ACTIVITIES. 7. THE WORD ATTRIBUTABLE USED IN THE SAID SECTION IS OF GREAT IMPORTANCE. THE APEX COURT HAD AN OCCASION TO CONSIDER THE MEANING OF THE WORD ATTRIBUTABLE AS SUPPOSED TO DERIVE FROM ITS USE IN VARIOUS OTHER PROVISIONS OF THE STATUTE IN THE CASE OF CAMBAY ELECTRIC SUPPLY INDUSTRIAL CO. LTD. VS. CIT, GUJARAT - II REPORT ED IN ITR VOL. 113 (1978) PAGE 842 AT PAGE 93 AS UNDER : AS REGARDS THE ASPECT EMERGING FROM THE EXPRESSION ATTRIBUTABLE TO OCCURRING IN THE PHRASE PROFITS AND GAINS ATTRIBUTABLE TO THE BUSINESS OF THE SPECIFIED INDUSTRY (HERE GENERATION AND DISTRIB UTION OF ELECTRICITY) ON WHICH THE LEARNED SOLICITOR GENERAL RELIED, IT WILL BE PERTINENT TO OBSERVE THAT THE LEGISLATURE HAS DELIBERATELY USED THE EXPRESSION ATTRIBUTABLE TO AND NOT THE EXPRESSION DERIVED FROM . IT CANNOT BE DISPUTED THAT THE EXPRESS ION ATT R IBUTABLE TO IS CERTAINLY WIDER IN IMPORT THAN THE EXPRESSION DERIVED FROM . HAD THE EXPRESSION DERIVED FROM BEEN USED, IT COULD HAVE WITH SOME FORCE BEEN CONTENDED TH A T A BALANCING CHARGE ARISING FROM THE SALE OF OLD MACHINERY AND BUILDINGS C ANNOT BE REGARDED AS PROFITS AND GAINS DERIVED FROM THE CONDUCT OF THE BUSINESS OF GENERATION AND DISTRIBUTION OF ELECTRICITY. IN THIS CONNECTION, IT MAY BE POINTED OUT THAT WHENEVER THE LEGISLATURE WANTED TO GIVE A RESTRICTED MEANING IN THE MANNER SUGGEST ED BY THE LEARNED SOLICITOR GENERAL, IT HAS USED THE EXPRESSION DERIVED FROM , AS, FOR INSTANCE, IN SECTION 80J. IN OUR VIEW, SINCE THE ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 6 OF 10 EXPRESSION OF WIDER IMPORT, NAMELY, ATTRIBUTABLE TO , HAS BEEN USED, THE LEGISLATURE INTENDED TO COVER RECEIPTS FROM SOURCES OTHER THAN THE ACTUAL CONDUCT OF THE BUSINESS OF GENERATION AND DISTRIBUTION OF ELECTRICITY. 8. THEREFORE, THE WORD ATTRIBUTABLE TO IS CERTAINLY WIDER IN IMPORT THAN THE EXPRESSION DERIVED FROM . WHENEVER THE LEGISLATURE WANTED TO GIVE A R ESTRICTED MEANING, THEY HAVE USED THE EXPRESSION DERIVED FROM . THE EXPRESSION ATTRIBUTABLE TO BEING OF WIDER IMPORT, THE SAID EXPRESSION ISSUED BY THE LEGISLATURE WHENEVER THEY INTENDED TO GATHER RECEIPTS FROM SOURCES OTHER THAN THE ACTUAL CONDUCT OF THE BUSINESS. A CO - OPERATIVE SOCIETY WHICH IS CARRYING ON THE BUSINESS OF PROVIDING CREDIT FACILITIES TO ITS MEMBERS, EARNS PROFITS AND GAINS OF BUSINESS BY PROVIDING CREDIT FACILITIES TO ITS MEMBERS. THE INTEREST INCOME SO DERIVED OR THE CAPITAL, IF NOT IMMEDIATELY REQUIRED TO BE LENT TO THE MEMBERS, THEY CANNOT KEEP THE AID AMOUNT IDLE. IF THEY DEPOSIT THIS AMOUNT IN BANK SO AS TO EARN INTEREST, THE SAID INTEREST INCOME IS ATTRIBUTABLE TO THE PROFITS AND GAINS OF THE BUSINESS OF PROVIDING CREDIT FACILIT IES TO ITS MEMBERS ONLY. THE SOCIETY IS NOT CARRYING ON ANY SEPARATE BUSINESS FOR EARNING SUCH INTEREST INCOME. THE INCOME SO DERIVED IS THE AMOUNT OF PROFITS AND GAINS OF BUSINESS ATTRIBUTABLE TO THE ACTIVITY OF CARRYING ON THE BUSINESS OF BANKING OR PR OVIDING CREDIT FACILITIES TO ITS MEMBERS BY A CO - OPERATIVE SOCIETY AND IS LIABLE TO BE DEDUCTED FROM THE GROSS TOTAL INCOME UNDER SECTION 80P OF THE ACT. 9. IN THIS CONTEXT WHEN WE LOOK AT THE JUDGMENT OF THE APEX COURT IN THE CASE OF M/S. TOTAGARS C O - OPERATIVE SALE SOCIETY LTD., ON WHICH RELIANCE IS PLACED, THE SUPREME COURT WAS DEALING WITH A CASE WHERE THE ASSESSEE - CO - OPERATIVE SOCIETY, APART FROM PROVIDING CREDIT FACILITIES TO THE MEMBERS, WAS ALSO ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 7 OF 10 IN THE BUSINESS OF MARKETING OF AGRICULTURAL PR ODUCE GROWN BY ITS MEMBERS. THE SALE CONSIDERATION RECEIVED FROM MARKETING AGRICULTURAL PRODUCE OF ITS MEMBERS WAS RETAINED IN MANY CASES. THE SAID RETAINED AMOUNT WHICH WAS PAYABLE TO ITS MEMBERS FROM WHOM PRODUCE WAS BOUGHT, WAS INVESTED IN A SHORT - TER M DEPOSIT / SECURITY. SUCH AN AMOUNT WHICH WAS RETAINED BY THE ASSESSEE SOCIETY WAS A LIABILITY AND IT WAS SHOWN IN THE BALANCE SHEET ON THE LIABILITY SIDE. THEREFORE, TO THAT EXTENT, SUCH INTEREST INCOME CANNOT BE SAID TO BE ATTRIBUTABLE EITHER TO THE ACTIVITY MENTIONED IN SECTION 80P(2)(A)(I) OF THE ACT OR UNDER SECTION 80P(2)(A)(III) OF THE ACT. THEREFORE IN THE FACTS OF THE SAID CASE, THE APEX COURT HELD THE ASSESSING OFFICER WAS RIGHT IN TAXING THE INTEREST INCOME INDICATED ABOVE UNDER SECTION 56 O F THE ACT. FURTHER THEY MADE IT CLEAR THAT THEY ARE CONFINING THE SAID JUDGMENT TO THE FACTS OF THAT CASE. THEREFORE IT IS CLEAR, SUPREME COURT WAS NOT LAYING DOWN ANY LAW. 10. IN THE INSTANT CASE, THE AMOUNT WHICH WAS INVESTED IN BANKS TO EARN INTERE ST WAS NOT AN AMOUNT DUE TO ANY MEMBERS. IT WAS NOT THE LIABILITY. IT WAS NOT SHOWN AS LIABILITY IN THEIR ACCOUNT. IN FACT THIS AMOUNT WHICH IS IN THE NATURE OF PROFITS AND GAINS, WAS NOT IMMEDIATELY REQUIRED BY THE ASSESSEE FOR LENDING MONEY TO THE MEMBE RS, AS THERE WERE NO TAKERS. THEREFORE THEY HAD DEPOSITED THE MONEY IN A BANK SO AS TO EARN INTEREST. ; THE SAID INTEREST INCOME IS ATTRIBUTABLE TO CARRYING ON THE BUSINESS OF BANKING AND THEREFORE IT IS LIABLE TO BE DEDUCTED IN TERMS OF SECTION 80P(1) OF THE ACT. IN FACT SIMILAR VIEW IS TAKEN BY THE ANDHRA PRADESH HIGH COURT IN THE CASE OF CIT III, HYDERABAD VS. ANDHRA PRADESH STATE CO - OPERATIVE BANK LTD., REPORTED IN (2011) 200 TAXMAN 220/12. IN THAT VIEW OF THE MATTER, THE ORDER PASSED BY THE APPELLATE AUTHORITIES DENYING THE BENEFIT OF DEDUCTION OF THE AFORESAID AMOUNT IS UNSUSTAINABLE IN ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 8 OF 10 LAW. ACCORDINGLY IT IS HEREBY SET ASIDE. THE SUBSTANTIAL QUESTION OF LAW IS ANSWERED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE. HENCE, WE PASS THE FOLLOWIN G ORDER. APPEAL IS ALLOWED. 6.3.2 RESPECTFULLY FOLLOWING THE DECISION OF THE HON'BLE HIGH COURT OF KARNATAKA IN THE CASE OF TUMKUR MERCHANTS SOUHARDA CREDIT CO - OPERATIVE SOCIETY LTD. (SUPRA), WE HOLD THAT THE LEARNED CIT(A) WAS NOT CORRECT IN D ENYING THE ASSESSEE THE DEDUCTION CLAIMED UNDER SECTION 80P(2)(A)(I) OF THE ACT IN RESPECT OF RS.26,16,800 EARNED BY THE ASSESSEE. THE JUDGMENT OF THE HON'BLE APEX COURT IN THE CASE OF TOTAGARS CO - OPERATIVE SALE SOCIETY LTD. (SUPRA) RELIED UPON BY THE LEA RNED CIT(A) HAS BEEN CONSIDERED AND DISTINGUISHED BY THE HON'BLE HIGH COURT OF KARNATAKA IN THE CASE OF TUMKUR MERCHANTS SOUHARDA CREDIT CO - OPERATIVE SOCIETY LTD. (SUPRA). WE FIND THAT THE FACTS OF THE CASE ON HAND ARE SIMILAR TO THE FACTS OF THE AFORESAI D CASE DECIDED BY THE HON'BLE HIGH COURT OF KARNATAKA, SINCE IN BOTH CASES THE ASSESSEE WAS A CREDIT CO - OPERATIVE SOCIETY AND INVESTED IN FIXED DEPOSITS OUT OF THE SURPLUS FUNDS OF BUSINESS. APPLYING THE RATIO OF THE JUDGMENT OF THE HON'BLE HIGH COURT OF KARNATAKA IN THE CASE OF TUMKUR MERCHANTS SOUHARDA CREDIT CO - OPERATIVE SOCIETY LTD. (SUPRA), WE HOLD THAT THE ASSESSEE IS ENTITLED TO DEDUCTION UNDER SECTION 80P(2)(A)(I) OF THE ACT IN RESPECT OF INTEREST INCOME EARNED ON FIXED DEPOSITS , AS WELL AS THAT T HE SAID INTEREST INCOME FORMS PART OF THE BUSINESS INCOME EARNED BY THE ASSESSEE AND THE SAME IS NOT TO BE TAXED UNDER THE HEAD OTHER SOURCES . IN THIS VIEW OF THE MATTER, THE DEDUCTION CLAIMED BY THE ASSESSEE UNDER SECTION 80P(2)(A)(I) OF THE ACT IN RE SPECT OF INTEREST OF RS.26,16,800 EARNED FROM INVESTMENTS IN FIXED DEPOSITS AND GOVT. SECURITIES OUT OF SURPLUS FUNDS FROM BUSINESS, IS ALLOWED. CONSEQUENTLY THE GROUNDS RAISED BY THE ASSESSEE ON THIS ISSUE ARE ALLOWED. ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 9 OF 10 THEREFORE , IT IS CLEAR FROM THE J UDGMENT OF THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF TUMKUR MERCHANTS SOUHARDA CREDIT CO - OPERATIVE SOCIETY LTD. (SUPRA) THAT THE AMOUNT DEPOSITED IN THE BANK TO EARN INTEREST WAS NOT AN AMOUNT DUE TO THE MEMBERS AND IT WAS NOT A LIABILITY AND THE REFORE, THE HON'BLE JURISDICTIONAL HIGH COURT HAS HELD THAT THE SAID INTEREST INCOME IS ATTRIBUTABLE TO CARRYING ON BUSINESS OF ASSESSEE AND THEREFORE, IT IS ELIGIBLE FOR DEDUCTION U/S 80P. FOLLOWING THE SAID JUDGMENT OF THE HON'BLE JURISDICTIONAL HIGH CO URT, THE CO - ORDINATE BENCH OF THIS TRIBUNAL HAS ALSO TAKEN A VIEW THAT INTEREST EARNED ON THE FIXED DEPOSIT WITH BANK AND GOVERNMENT SECURITIES OUT OF SURPLUS FUNDS FROM BUSINESS IS ELIGIBLE FOR DEDUCTION U/S 90P(2)(A)(I) OF THE ACT. FOLLOWING THE JUDGMEN T OF THE HON'BLE JURISDICTIONAL HIGH COURT AS WELL AS THE DECISION OF THE CO - ORDINATE BENCH OF THIS TRIBUNAL, WE ALLOW THE CLAIM OF THE ASSESSEE U/S 80P IN RESPECT OF INTEREST ON FIXED DEPOSIT OF THE ASSESSEE S SURPLUS FUND. 6. IN THE RESULT, THE AP PEAL OF THE ASSESSEE IS ALLOWED. PRON OUNCED IN THE OPEN COURT ON 30 TH DECEMBER, 201 5 . SD/ - SD/ - ( INTURI RAMA RAO ) ( VIJAY PAL RAO ) ACCOUNTANT MEMBER JUDICIAL MEMBER E KSRINIVASULU ,SPS ITA NO . 102/BANG/2015 SHREE KESHAVA PATHINA SAHAKARI SANGH NIAYMITHA PAGE 10 OF 10 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME - TAX APPELLATE T RIBUNAL BANGALORE