Appeal details
Counselvise Citation
[2019] 116 COUNSELVISE.COM (IT) 3307 (ITAT-AMRITSAR)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
10 month(s) 24 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
28-08-2019
Appeal Filed By
Assessee
Order Result
Allowed
Bench Allotted
SMC
Next Hearing Date
28-08-2019
Assessment Year
2015-2016
Appeal Filed On
04-10-2018
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR SMC BENCH, AMRITSAR BEFORE SH. B. R. BASKARAN, ACCOUNTANT MEMBER I.T.A. NO. 540/ASR/2017 A SSESSMENT YEAR: 2014-15 KHAIRA MAJJA CO-OPERATIVE AGRICULTURAL MULTIPURPOSE SOCIETY LTD., VPO KHAIRA MAJJA, JALANDHAR [PAN: AAGFK 8620C] VS. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-IV, JALANDHAR (APPELLANT) (RESPONDENT) I.T.A. NO. 491/ASR/2018 A SSESSMENT YEAR: 2015-16 KHAIRA MAJJA CO-OPERATIVE AGRICULTURAL MULTIPURPOSE SOCIETY LTD., VPO KHAIRA MAJJA, JALANDHAR [PAN: AAGFK 8620C] VS. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-IV, JALANDHAR (APPELLANT) (RESPONDENT) APPELLANT BY : SH. ASHRAY SARNA (C.A.) RESPONDENT BY: SH. AMAR PAL MEENA (D.R.) DATE OF HEARING: 28.08.2019 DATE OF PRONOUNCEMENT: 28.08.2019 ORDER PER B. R. BASKARAN, ACCOUNTANT MEMBER: BOTH THE APPEALS FILED BY THE ASSESSEE ARE DIRECTED AGAINST THE ORDERS PASSED BY LD CIT(A)-2, JALANDHAR AND THEY RELATE TO THE AS SESSMENT YEARS 2014-15 AND 2015-16. ITA NOS. 540 & 491/ASR/2017 & 2018 (AYS 2014-15 & 2015-16) KHAIRA MAJJA CO-OP. A. M. S. LTD. V. ASSTT.& DY. CIT 2 2. THE ASSESSEE IS AGGRIEVED BY THE DECISION OF LD CIT(A) IN CONFIRMING THE ACTION OF THE ASSESSING OFFICER IN ASSESSING THE IN TEREST INCOME EARNED FROM BANKS AS INCOME UNDER THE HEAD INCOME FROM THE OTHER SOUR CE AND THUS DENYING DEDUCTION U/S. 80P OF THE ACT THEREON. 3. THE FACTS RELATING TO THE CASE ARE STATED IN BRIEF. THE ASSESSEE IS A COOPERATIVE SOCIETY ENGAGED IN PROVIDING AGRICULTURAL CREDIT TO ITS MEMBERS. AS PER THE SUBMISSIONS MADE BY THE ASSESSEE BEFORE AO, THE ASS ESSEE SOCIETY HAS ACCEPTED DEPOSITS FROM ITS MEMBERS IN THE FORM OF SAVING DEP OSITS & FIXED DEPOSITS AND PROVIDED THEM FINANCIAL ASSISTANCE IN THE FORM OF L OANS. INTEREST WAS EARNED FROM THE LOAN SO GIVEN AND INTEREST WAS PAID ON DEPOSITS . THE ASSESSEE HAS ALSO DEPOSITED ITS FUNDS IN FIXED DEPOSITS AND SAVING BANK DEPOSIT S WITH OTHER BANKS. THE ASSESSEE HAS EARNED INCOME OF RS.27.17 LACS AND 27.96 LACS R ESPECTIVELY DURING THE YEARS RELEVANT TO THE ASSESSMENT YEARS 2014-15 AND 2015-1 6 FROM THE DEPOSITS KEPT WITH THE BANKS. THE ASSESSING OFFICER TOOK THE VIEW THAT THE ABOVE SAID INTEREST INCOME IS NOT PART OF ITS BUSINESS PROFITS AND ACCORDINGLY HELD THAT THE SAME IS NON-BUSINESS INCOME. ACCORDINGLY HE DENIED DEDUCTION U/S. 80P OF THE ACT ON THE ABOVE SAID INTEREST INCOME. THE LD CIT(A) HAS ALSO CONFIRMED T HE SAME IN BOTH THE YEARS AND HENCE THE ASSESSEE HAS FILED THESE APPEALS BEFORE T HE TRIBUNAL. 4. THE LD AR BROUGHT TO MY NOTICE A DECISION REN DERED BY MUMBAI SMC BENCH OF TRIBUNAL IN THE CASE OF GANDHINGLAJ TALUKA SAHAKARI PATPEDHI LTD. V. INCOME TAX OFFICER (ITA NO. 5793/MUM/2014 [2015] 44 ITR_TRIB 87 (MUM) ) AND SUBMITTED THAT THE TRIBUNAL HAS CONSIDERED AN IDENT ICAL ISSUE IN THE ABOVE SAID CASE. HE SUBMITTED THAT THE TRIBUNAL HAS DISTINGUISHED TH E DECISION RENDERED BY HONBLE SUPREME COURT IN THE CASE OF TOTGARS CO-OPERATIVE S ALES SOCIETY LTD. (322 ITR 283) AND FOLLOWED THE DECISION RENDERED BY HONBLE ANDHRA PRADESH HIGH COURT IN THE CASE OF CIT V. ANDHRA PRADESH STATE CO-OPERATIVE BANK LTD. (366 ITR 516). ITA NOS. 540 & 491/ASR/2017 & 2018 (AYS 2014-15 & 2015-16) KHAIRA MAJJA CO-OP. A. M. S. LTD. V. ASSTT.& DY. CIT 3 THE TRIBUNAL HAS HELD THAT INTEREST INCOME EARNED B Y THE CREDIT CO-OPERATIVE SOCIETY IS ASSESSABLE AS PROFITS AND GAINS OF BUSINESS AND HENCE THE SAID INCOME IS ELIGIBLE FOR DEDUCTION U/S. 80P(2)(A)(I) OF THE ACT. 5. I HEARD THE LD DR AND PERUSED THE RECORD. I NOTICE THAT AN IDENTICAL ISSUE WAS CONSIDERED BY MUMBAI SMC BENCH OF THE TRIBUNAL IN T HE CASE OF GANDHINGLAJ TALUKA SAHAKARI PATPEDHI LTD (SUPRA) AND DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE. FOR THE SAKE OF CONVENIENCE I EXTRACT BEL OW THE ORDER PASSED BY THE TRIBUNAL IN THE ABOVE SAID CASE: THE ASSESSEE HAS FILED THIS APPEAL CHALLENGING THE ORDER DATED 3.6.2014 PASSED BY LD CIT(A)-26, MUMBAI AND IT RELATES TO THE ASSESSMENT YEAR 2010-11. THE ASSESSEE IS AGGRIEVED BY THE DECISION OF LD CIT(A) IN HOLDING T HAT THE INTEREST INCOME EARNED ON THE DEPOSITS KEPT WITH BANKS IS NOT ELIGIBLE FOR DEDUCT ION U/S 80P(2)(A)(I) OF THE ACT AND HENCE LIABLE TO BE ASSESSED AS INCOME FROM OTHER SO URCES. 2. THE FACTS RELATING TO THE ABOVE SAID ISSUE ARE STATED IN BRIEF. THE ASSESSEE IS A CO- OPERATIVE CREDIT SOCIETY REGISTERED UNDER MAHARASHT RA CO-OPERATIVE SOCIETY ACT, 1960. THE MAIN OBJECTS OF THE SOCIETY IS TO PROVIDE CREDI T/LOANS TO ITS MEMBERS AND COLLECT DEPOSITS FROM ITS MEMBERS BY WAY OF FIXED DEPOSITS, SAVING DEPOSITS AND DAILY RECURRING DEPOSITS. THE ASSESSEE FILED ITS RETURN OF INCOME F OR THE YEAR UNDER CONSIDERATION DECLARING NIL INCOME AFTER CLAIMING DEDUCTION U/S 8 0P(2)(A)(I) OF THE ACT. SEC. 80P(1) OF THE ACT PROVIDES FOR DEDUCTION OF INCOME SPECIFIED IN SEC. 80P(2) IN CASE OF AN ASSESSEE, BEING A CO-OPERATIVE SOCIETY. SEC. 80P(2)(A)(I) PRO VIDES DEDUCTION OF THE WHOLE OF THE AMOUNT OF PROFITS AND GAINS OF BUSINESS ATTRIBUTABL E TO ANY ONE OR MORE OF SUCH ACTIVITIES. SINCE THE ASSESSEE IS A CO-OPERATIVE SOCIETY ENGAGE D IN CARRYING ON THE BUSINESS PROVIDING CREDIT FACILITIES TO ITS MEMBERS, IT CLAIMED DEDUCT ION U/S 80P(2)(A)(I) OF THE ACT. HOWEVER, SEC. 80P(4) WAS INSERTED BY FINANCE ACT 2006 W.E.F. 1.4.2007 AND THE SAME READS AS UNDER:- ITA NOS. 540 & 491/ASR/2017 & 2018 (AYS 2014-15 & 2015-16) KHAIRA MAJJA CO-OP. A. M. S. LTD. V. ASSTT.& DY. CIT 4 80P(4) THE PROVISIONS OF THIS SECTION SHALL NOT AP PLY IN RELATION TO ANY CO- OPERATIVE BANK OTHER THAN PRIMARY AGRICULTURAL CRED IT SOCIETY OR PRIMARY CO- OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. ACCORDING TO EXPLANATION GIVEN UNDER SEC. 80P(4), T HE EXPRESSIONS CO-OPERATIVE BANK AND PRIMARY AGRICULTURAL CREDIT SOCIETY SHALL HAV E THE MEANINGS RESPECTIVELY ASSIGNED TO THEM IN PART V OF THE BANKING REGULATION ACT, 1949. THE EXPRESSION PRIMARY CO- OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK MEANS A SOCIETY HAVING ITS AREA OF OPERATION CONFINED TO A TALUK AND THE PRINCIPAL OBJ ECT OF WHICH IS TO PROVIDE FOR LONG TERM CREDIT FOR AGRICULTURAL AND RURAL DEVELOPMENT ACTIV ITIES. 3. THE ASSESSING OFFICER, AFTER REFERRING TO THE P ROVISIONS OF BANKING REGULATION ACT,HELD THAT THE ASSESSEE IS A BANK AND HENCE IT IS HIT BY THE PROVISIONS OF SEC. 80P(4) OF THE ACT. ACCORDINGLY HE REJECTED THE CLAIM FOR DEDUCTION U/S 80P OF THE ACT. 4. IN THE APPELLATE PROCEEDINGS, THE LD CIT(A) HEL D THAT THE ASSESSEE CANNOT BE CONSIDERED TO BE A CO-OPERATIVE BANK. ON THIS DECISION, THE RE VENUE HAS NOT COME ON APPEAL BEFORE THE TRIBUNAL AND HENCE THE FINDING GIVEN BY LD CIT( A) HAS ATTAINED FINALITY. SINCE THE ASSESSEE IS NOT CONSIDERED AS BANK, THE PROVISIONS OF SEC. 80P(4) SHALL NOT APPLY AND HENCE THE ORIGINAL GROUND ON WHICH THE AO HAD DENIE D DEDUCTION U/S 80P(2)(2)(A)(I) STOOD REVERSED BY LD CIT(A). 5. THE LD CIT(A), HOWEVER, NOTICED THAT THE ASSESS EE HAS EARNED INTEREST INCOME FROM FIXED DEPOSITS MAINTAINED WITH VARIOUS BANKS. THE L D CIT(A) TOOK THE VIEW THAT THE ABOVE SAID INTEREST INCOME CANNOT BE HELD TO BE INC OME GENERATED FROM BUSINESS ACTIVITIES AND HENCE THE SAME IS REQUIRED TO BE ASSESSED UNDER THE HEAD INCOME FROM OTHER SOURCES, IN WHICH CASE THE DEDUCTION U/S 80P(2)(A)(I) OF THE ACT IS NOT AVAILABLE TO IT. THE ASSESSEE SUBMITTED THAT IT IS HOLDING STATUTORY RESERVES TO THE TUNE OF RS.115.51CRORES UNDER VARIOUS HEADS AND THEY HAVE BEEN PARKED IN DEPOSITS WITH SCHEDULED BANKS AND CO- OPERATIVE BANKS. ACCORDINGLY IT WAS SUBMITTED THAT THESE INTEREST INCOME ALSO DERIVED FROM CARRYING ON ITS BUSINESS ACTIVITIES AND HENCE THE SAME IS EXEMPT U/S 80P(2)(A)(I) OF THE ACT. IN THE ALTERNATIVE, IT WAS SUBMITTED THAT THE INTEREST RECEIVED FROM DEPOSITS KEPT WITH CO-OPERATIVE SOCIETIES IS EXEMPT U/S 80P(2)(D) . THE LD CIT(A) WAS NOT CONVINCED ITA NOS. 540 & 491/ASR/2017 & 2018 (AYS 2014-15 & 2015-16) KHAIRA MAJJA CO-OP. A. M. S. LTD. V. ASSTT.& DY. CIT 5 WITH THE CONTENTIONS OF THE ASSESSEE AND ACCORDINGL Y HELD THAT THE INTEREST INCOME RECEIVED FROM DEPOSITS CITED ABOVE IS ASSESSABLE AS INCOME UNDER THE HEAD INCOME FROM OTHER SOURCES AND ACCORDINGLY HELD THAT THE DEDUCTI ON U/S 80P(2)(A)(I) IS NOT AVAILABLE TO IT. IN THIS REGARD, HE PLACED RELIANCE ON THE DECIS ION RENDERED BY HONBLE SUPREME COURT IN THE CASE OF TOTGARS CO-OPERATIVE SALE SOCIETY LT D (2010) (229 CTR (SC) 209 : [2010] 35 DTR (SC) 25 : [2010] 322 ITR 283 (SC) : [2010] 1 88 TAXMAN 282 (SC). AGGRIEVED, THE ASSESSEE HAS FILED THIS APPEAL. 6. I HEARD THE PARTIES AND PERUSED THE RECORD. I N OTICE THAT AN IDENTICAL ISSUE WAS CONSIDERED BY ME IN THE CASE OF M/S JAOLI TALUKA SA HAKARI PATPEDHI MARYADIT VS. ITO IN I.T.A. NO. 6627/MUM/2014 RELATING TO AY 2010-11AND I HAVE DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE, VIDE MY ORDER DATED 10.8.2015.FOR THE SAKE OF CONVENIENCE, I EXTRACT BELOW THE OPERATION PORTION OF THE SAID ORDER: 9. I HEARD THE PARTIES AND PERUSED THE RECORD. IN MY VIEW, THE DECISION RENDERED BY HONBLE KARNATAKA HIGH COURT IN THE CASE OF TUMK UR MERCHANTS SOUHARDA CREDIT COOPERATIVE LTD (SUPRA) SQUARELY APPLIES TO THE FACTS OF THE PRESENT CASE. IN THE CASE BEFORE THE HONBLE KARNATAKA HIGH COURT AL SO, THE ASSESSEE CLAIMED DEDUCTION U/S 80P(2)(A)(I) ON THE INTEREST INCOME E ARNED FROM DEPOSITS KEPT WITH BANKS ON THE REASONING THAT THE SAME SHALL FORM PAR T OF ITS BUSINESS INCOME. THE HONBLE HIGH COURT UPHELD THE SAID VIEW BY DULY CON SIDERING THE DECISION RENDERED BY HONBLE SUPREME COURT IN THE CASE OF TO TGARS COOPERATIVE SALE SOCIETY LTD (SUPRA). FOR THE SAKE OF CONVENIENCE, I EXTRACT BELOW THE OBSERVATIONS MADE BY THE HONBLE KARNATAKA HIGH COURT: 8. THEREFORE, THE WORD 'ATTRIBUTABLE TO' IS CERTAI NLY WIDER IN IMPORT THAN THE EXPRESSION 'DERIVED FROM'. WHENEVER THE LEGISLA TURE WANTED TO GIVE A RESTRICTED MEANING, THEY HAVE USED THE EXPRESSION ' DERIVED FROM'. THE EXPRESSION 'ATTRIBUTABLE TO' BEING OF WIDER IMPORT, THE SAID EXPRESSION IS USED BY THE LEGISLATURE WHENEVER THEY INTENDED TO G ATHER RECEIPTS FROM SOURCES OTHER THAN THE ACTUAL CONDUCT OF THE BUSINE SS. A COOPERATIVE SOCIETY WHICH IS CARRYING ON THE BUSINESS OF PROVID ING CREDIT FACILITIES TO ITS MEMBERS, EARNS PROFITS AND GAINS OF BUSINESS BY PROVIDING CREDIT ITA NOS. 540 & 491/ASR/2017 & 2018 (AYS 2014-15 & 2015-16) KHAIRA MAJJA CO-OP. A. M. S. LTD. V. ASSTT.& DY. CIT 6 FACILITIES TO ITS MEMBERS. THE INTEREST INCOME SO D ERIVED OR THE CAPITAL, IF NOT IMMEDIATELY REQUIRED TO BE LENT TO THE MEMBERS, THEY CANNOT KEEP THE SAID AMOUNT IDLE. IF THEY DEPOSIT THIS AMOUNT IN BA NK SO AS TO EARN INTEREST, THE SAID INTEREST INCOME IS ATTRIBUTABLE TO THE PRO FITS AND GAINS OF THE BUSINESS OF PROVIDING CREDIT FACILITIES TO ITS MEMB ERS ONLY. THE SOCIETY IS NOT CARRYING ON ANY SEPARATE BUSINESS FOR EARNING S UCH INTEREST INCOME. THE INCOME SO DERIVED IS THE AMOUNT OF PROFITS AND GAINS OF BUSINESS ATTRIBUTABLE TO THE ACTIVITY OF CARRYING ON THE BUS INESS OF BANKING OR PROVIDING CREDIT FACILITIES TO ITS MEMBERS BY A CO- OPERATIVE SOCIETY AND IS LIABLE TO BE DEDUCTED FROM THE GROSS TOTAL INCOME U NDER 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. TOTGARS CO-OPERATIVE SALE SOCIETY LTD. , ON WHICH RELIANCE IS PLACED, THE SUPREME COURT WAS DEALING WITH A CASE W HERE THE ASSESSEE- COOPERATIVE SOCIETY, APART FROM PROVIDING CREDIT FA CILITIES TO THE MEMBERS, WAS ALSO IN THE BUSINESS OF MARKETING OF AGRICULTUR AL PRODUCE GROWN BY ITS MEMBERS. THE SALE CONSIDERATION RECEIVED FROM MARKE TING AGRICULTURAL PRODUCE OF ITS MEMBERS WAS RETAINED IN MANY CASES. THE SAID RETAINED AMOUNT WHICH WAS PAYABLE TO ITS MEMBERS FROM WHOM P RODUCE WAS BOUGHT, WAS INVESTED IN A SHORT-TERM DEPOSIT/SECURI TY. SUCH AN AMOUNT WHICH WAS RETAINED BY THE ASSESSEE -SOCIETY WAS A L IABILITY AND IT WAS SHOWN IN THE BALANCE SHEET ON THE LIABILITY SIDE. T HEREFORE, TO THAT EXTENT, SUCH INTEREST INCOME CANNOT BE SAID TO BE ATTRIBUTA BLE EITHER TO THE ACTIVITY MENTIONED IN SECTION 80P(2)(A)(I) OF THE ACT OR UND ER SECTION 80P(2)(A)(III) OF THE ACT. THEREFORE IN THE FACTS O F THE SAID CASE, THE APEX COURT HELD THE ASSESSING OFFICER WAS RIGHT IN TAXIN G THE INTEREST INCOME INDICATED ABOVE UNDER SECTION 56 OF THE ACT. FURTHE R THEY MADE IT CLEAR THAT THEY ARE CONFINING THE SAID JUDGMENT TO THE FA CTS OF THAT CASE. THEREFORE IT IS CLEAR, SUPREME COURT WAS NOT LAYING DOWN ANY LAW. ITA NOS. 540 & 491/ASR/2017 & 2018 (AYS 2014-15 & 2015-16) KHAIRA MAJJA CO-OP. A. M. S. LTD. V. ASSTT.& DY. CIT 7 10. IN THE INSTANT CASE, THE AMOUNT WHICH WAS INVES TED IN BANKS TO EARN INTEREST WAS NOT AN AMOUNT DUE TO ANY MEMBERS. IT W AS NOT THE LIABILITY. IT WAS NOT SHOWN AS LIABILITY IN THEIR ACCOUNT. IN FAC T THIS AMOUNT WHICH IS IN THE NATURE OF PROFITS AND GAINS, WAS NOT IMMEDIATEL Y REQUIRED BY THE ASSESSEE FOR LENDING MONEY TO THE MEMBERS, 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 CARRYIN G ON THE BUSINESS OF BANKING AND THEREFORE IT IS LIABLE TO BE DEDUCTED I N TERMS OF SECTION 80P(1) OF THE ACT. IN FACT SIMILAR VIEW IS TAKEN BY THE AN DHRA PRADESH HIGH COURT IN THE CASE OF CIT V. ANDHRA PRADESH STATE CO-OPERA TIVE BANK LTD., [2011] 244 CTR (AP) 86: [2011] 60 DTR (AP) 281: [2011] 336 ITR 516 (AP): [2011] 200 TAXMAN 220 (AP). IN THAT VIEW OF THE MA TTER, THE ORDER PASSED BY THE APPELLATE AUTHORITIES DENYING THE BENEFIT OF DEDUCTION OF THE AFORESAID AMOUNT IS UNSUSTAINABLE IN LAW. ACCORDING LY IT IS HEREBY SET ASIDE. THE SUBSTANTIAL QUESTION OF LAW IS ANSWERED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE. HENCE, WE PASS TH E FOLLOWING ORDER: 7. CONSISTENT WITH THE VIEW TAKEN IN THE CASE OF M/ S JAOLI TALUKA AHAKARI PATPEDHI MARYADIT (SUPRA), I HOLD THAT THE INTEREST INCOME I S ASSESSABLE AS PROFIT AND GAINS OF BUSINESS IN THE HANDS OF THE ASSESSEE AND ACCORDING LY, IT IS LIABLE FOR DEDUCTION U/S 80P(2)(A)(I) OF THE ACT. ACCORDINGLY, I SET ASIDE T HE ORDER OF THE LD.CIT(A) ON THIS ISSUE AND DIRECT THE AO TO ALLOW DEDUCTION U/S 80P OF THE ACT ON THE INTEREST INCOME ALSO. 6. I ALSO NOTICE THAT AMRITSAR SMC BENCH HAS AL SO TAKEN AN IDENTICAL VIEW IN THE CASE OF THE LAMBRA KANGRI MULTIPURPOSE CO-OPERATIVE SERVICE SOCIETY VS. DCIT (ITA NOS. 607 & 419 (ASR)/2015 DATED 22.04.2016). ACCORDINGLY, CONSISTENT WITH THE VIEW TAKEN IN THE ABOVE SAID CASES, I HOLD THAT THE INTEREST INCOME EARNED FROM BANK DEPOSITS IS ASSESSABLE AS PROFITS AND GAINS OF BUSINESS IN THE HANDS OF ASSESSEE AND ACCORDINGLY DEDUCTION U/S. 80P(2)(A)(I) OF THE ACT IS ALLOWABLE THEREON. ACCORDINGLY I SET ASIDE THE ORDER PASSED BY THE LD CIT(A) ON THIS ISSUE IN BOTH THE ITA NOS. 540 & 491/ASR/2017 & 2018 (AYS 2014-15 & 2015-16) KHAIRA MAJJA CO-OP. A. M. S. LTD. V. ASSTT.& DY. CIT 8 YEARS UNDER CONSIDERATION AND DIRECT THE AO TO ALLO W THE DEDUCTION U/S. 80P OF THE ACT ON THE IMPUGNED INTEREST INCOME ALSO IN BOTH TH E YEARS. 7. IN THE RESULT, BOTH THE APPEALS FILED BY THE ASSESSEE ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN CO URT ON AUGUST 28, 2019 SD/- (B. R. BASKARAN) ACCOUNTANT MEMBER DATE: 28.08.2019 /GP/SR. PS. COPY OF THE ORDER FORWARDED TO: (1) THE APPELLANT: (2) THE RESPONDENT: (3) THE CIT(APPEALS) (4) THE CIT CONCERNED (5) THE SR. DR, I.T.A.T TRUE COPY BY ORDER
