Ita/36/2017 Of Commissioner Of Income Tax I v. M/S M.p State Cooperative Housing Fedration Ltd

The High Court Of Madhya PradeshITA-36-2017 (COMMISSIONER OF INCOME TAX IVs M/S M.P STATE COOPERATIVE HOUSING FEDRATION LTD) [06][-][11][-][2019]Jabalpur, Dated : Shri Sanjay Lal, Advocate for the appellant. This appeal has been preferred by the appellant/Revenue against theorder dated 4.10.2016 passed by the Income Tax Appellate Tribunal, IndoreBench, Indore in ITA No.02/Ind/2016, whereby the appeal filed by theRevenue was dismissed. This appeal was admitted on 4.4.2017 for determination of thefollowing substantial question of law:- "Whether on the facts and in the circumstances of the case, the ITAT was justified in holding that the assessee entitled fordeduction u/s 80P(2)(a)(i) of the I.T.Act in respect of the interestincome of Rs.87,98,824/- derived from fixed deposits and savingbank account even when such income was in fact interest derivedfrom investment of surplus funds lying idle and was not incomeattributable of the business of the assessee of providing creditsfacilities to its members?" Learned counsel for the appellant-revenue submits that the tax effect inthe present matter is to the tune of Rs.26,39,647/- and in view of the CircularNo.17/2019 dated 8.8.2019 issued by the Government of India, Ministry ofFinance, Department of Revenue, Central Board of Direct Taxes (JudicialSection), he has instruction to withdraw the present appeal. In view of aforesaid premise, this appeal is dismissed as withdrawn. However, it is clarified that this Court has not expressed any opinionon the merits of the controversy and on the substantial question of law, whichmay be considered and decided as and when occasion so arises. (AJAY KUMAR MITTAL)(SANJAY YADAV)CHIEF JUSTICEJUDGE