TaxTMI 
TaxTMI 
2020 (12) TMI 972
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....T(A) erred in confirming that the deduction u/s. 80P(2)(d) amounting to Rs. 12, 22,220 is not allowable to the appellant though the appellant is Co-operative Housing Society and it has received the interest from Co-operative Bank. (Tax effect Rs. 377,666/-) 2. On facts and circumstances of the case and in law, the learned CIT(A) erred in confirming that the deduction u/s.80P(2)(d) amounting to Rs. 12,22,220 is not allowable to the appellant though the judicial pronouncement of the ITAT Mumbai are in favour of the appellant. (Tax effect Rs. 377,666/-). 3. On facts and circumstances of the case and in law, the learned CIT(A) erred in not considering the various judgement in respect of S.80P(2)(d) though the same are accepted....
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....n submission stated the in several case laws ITAT Mumbai has held that the assessee should be eligible for deduction under section 80 P(2)(d) on interest income on from co-operative bank. In this regard the list of following case laws has been given :- • ITO Vs Oberoi Spring Co-operating Housing Society Ltd. (ITA No. 786/M/2019 dated 28.8.2020) • M/s Solitaire CHS Ltd. Vs. PCIT (ITA No.3155/Mum/2019 dated 29.11.2019) • Jiwan Satya Co-op Housing Society Ltd. Vs. ITO (ITA Nos. 4248 & 4249/MUM/2018 dated 26.7.2019) • Ekta Milan Co-op. Housing Society Limited Vs. CIT (ITA No.3867/Mum/2018 dated 30.4.2019) • Kaliandas Udyog Bhavan Premises Co-op Society Ltd. V ITO (ITANo. 547/Mum/2....
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....erative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. (2). The sums referred to in sub-section (1) shall be the following, namely :- (a)............................................................................................ (b)............................................................................................ (c)............................................................................................ (d) in respect of any income by way of interest or dividends derived by the co....
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....that the term "Co-operative society" had been defined under Sec. 2(19) of the IT Act, as under:- "(19) "Co-operative society" means a cooperative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any state for the registration of co-operative societies;" As observed hereinabove, though a co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the IT Act, however, as a co-operative bank continues to be a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any state for the r....
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.... provide that the co-operative banks which are functioning at par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the IT Act. We are of the considered view that the reliance placed by the lower authorities on the judgment of the Hon‟ble Supreme Court in the case of Totgars Co-operative Sale Society Ltd. vs. ITO (2010) 322 ITR 283(S.C) being distinguishable on facts, had thus wrongly been relied upon by them. In fact, the adjudication by the Hon'ble Apex Court in the aforesaid case was in context of Sec. 80P(2)(a)(i) and not on the entitlement of a co-operative society towards deduction under Sec. 80P(2)(d) on its interest income on the investments parked with a co-operative bank. We thus respectf....