2019 (4) TMI 547

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....of income for A.Y. 2015-16 on 28.08.2015 declaring total income of Rs. 16,85,525/-. The case was selected for scrutiny and thereafter, assessment was framed u/s 143(3) of the Act vide order dt.30.06.2017 and the total income was determined at Rs. 16,35,530/-. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who vide order dt.24.05.2018 (in appeal No.PN/CIT(A)-5/ITO, Wd-7(4), Pune/10309/2017-18) dismissed the appeal of assessee. Aggrieved by the order of Ld.CIT(A), assessee is now in appeal and has raised the following grounds : "1. The ld. CIT(A) erred in confirming the disallowance of the available deduction under section 80P(2)(d) of the Act, in respect of interest income aggregating to Rs. 16,85,525/- ....

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....nd the contention of the appellant. The appellant has contended that the Assessing Officer made the addition by placing reliance on the decision of Hon'ble ITAT, Mumbai in the case of Bandra Shiv Samrudhi CHS Ltd which was overruled by the Hon'ble ITAT Mumbai in the case of Lands End Co-operative Housing Society Vs. ITO Ward 16(1)(3), Mumbai vide order dated 15.01.2016 (3566/M/2014), and therefore, the addition made by the Assessing Officer deserves to be deleted. 5.6 I find the Assessing Officer has made the addition as he held that, in the case under consideration, the interest income earned from the Co-operative Bank did not fall under the purview of a "Cooperative Society", as a Co-operative Society confines its activities to i....

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....in the case of M/s. The Veer Cooperative Group Housing Society Ltd., Vs. ITO, the Delhi Bench of the Tribunal has held that Saraswat Co-operative Bank to be a Co-operative Society and therefore income earned from its investment to be claimed as deduction u/s 80P of the Act. He pointed to the relevant paras of the said order and also placed in record the copy of the said order. With respect to interest earned from other banks, he relied on the decision of Mumbai Bench of the Tribunal in the case of Lady Ratan Tower Cooperative Housing Society Limited Vs. ITO in ITA No.1152/Mum/2018 dated 09.08.2018 wherein following the order in the case of Kaliandas Udyog Bhavan Premises Co-operative Society Ltd., (in ITA No.6547/Mum/2017 dated 25.04.201....