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<h1>Co-operative Society Wins Appeal, Entitled to Deduction on Interest Income from Fixed Deposits under Income Tax Act.</h1> The Appellate Tribunal ITAT Ahmedabad allowed the appeal of the Assessee, a co-operative society, granting the deduction under section 80P(2)(d) of the ... Deduction u/s. 80P(2)(d) - receipt of interest from S. K. District Co-op. Bank Ltd. - HELD THAT:- It is pertinent to note that the assessee earned interest on Fixed Deposits from the S. K. District Co-operative Bank Ltd. As per the decision of Hon’ble Gujarat High Court in case of Sabarkanta District Co-op. Milk Producers’ Union Ltd. [2014 (6) TMI 977 - GUJARAT HIGH COURT] the credit society is allowed deduction under Section 80P(2)(d) of the Act, if the interest on FD is earned from District Cooperative Bank. Therefore, in the present assessee’s case the same should have been considered by the CIT(A). Thus, the assessee is entitled to claim the deduction under Section 80P(2)(d) of the Act in respect of interest earned on FD from S.K. District Co-op. Bank Ltd. The appeal of the assessee is allowed. Issues involved:The appeal filed by the Assessee against the order passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2018-19.Issue 1: Disallowance u/s 80P(2)(d) of the ActThe Assessee, a registered co-operative society providing credit facility to members, filed its return of income for A.Y. 2018-19. The Assessing Officer disallowed the claim u/s. 80P(2)(d) of the Act regarding interest received from S. K. District Co-op. Bank Ltd. The CIT(A) upheld the disallowance, leading to the Assessee's appeal. The Assessee argued that the interest income is incidental to its business and should be allowed u/s. 80P(2)(a)(i) of the Act. The Ld. AR referred to a judgment of the Hon'ble Gujarat High Court to support the claim. On considering the relevant material, the Tribunal found that the Assessee is entitled to the deduction u/s 80P(2)(d) for the interest earned on FD from S.K. District Co-op. Bank Ltd. Hence, the appeal of the Assessee was allowed.Decision:The appeal of the Assessee was allowed by the Appellate Tribunal ITAT Ahmedabad, granting the deduction u/s 80P(2)(d) for the interest earned on FD from S.K. District Co-op. Bank Ltd.
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