The AO\u00a0 allowed deduction under S.\u00a080P(2)(d)\u00a0of the Act, the net interest against the deduction claimed by the assessee on the gross interest.\u00a0 Tribunal allowed the claim of the assessee on gross interest. Order of the AO is confirmed by the Tribunal. On appeal the Court held that when the assessee had been once granted the benefit of deduction under section\u00a080P(2)(d)\u00a0for the earlier years, it should have been granted for the assessment years 1991-92 to 1994-95. The Department’s reference application against the Tribunal’s order, in another case wherein it had held that the assessee was entitled to deduction under section\u00a080P(2)(d)\u00a0in respect of the whole amount of interest received from investments by it, had been rejected. The Department had accepted such order and had not challenged it further. It was not open to the Department to accept the judgment in the case of one assessee and challenge its correctness without just cause in the cases of other assessees. The order of the Tribunal was set aside. (AY. 1991-92 to 1994-95)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P : Co-operative societies-Interest received from another Co-operative bank-Deduction allowed on gross interest in earlier years-Department has not challenged the decision of the Tribunal in another assesee-Department is not entitled to challenge its correctness in case of another assessee without good reason. [S. 80P(2)(d)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10792","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2O4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10792"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10792\/revisions"}],"predecessor-version":[{"id":10793,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10792\/revisions\/10793"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}