TaxTMI 
TaxTMI 
2021 (10) TMI 950
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....alidly assumed revision jurisdiction u/s 263 of the Act in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the materials available on record. We find that the assessee is a co-operative housing society. We find from the computation of total income enclosed in page 1 of the paper book filed before us, that the assessee had shown Nil income under the head 'income from business' as under:- Net profit as per profit and loss account (-) 39,46,245 Add: Other disallowance u/s 36 39,46,245 Business Income Nil 3.1. Apart from this, the assessee had declared income from other sources of Rs. 25,46,867/- and had declared total income of Rs. 1,83,478/- after claiming deduction u/s ....
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....t to examine the claim of deduction under Chapter VIA of the Act vide order sheet noting enclosed in page 22 of the paper book filed before us. We find that the details were duly submitted by the assessee and the ld AO on examination of the same ,while framing the scrutiny assessment u/s 143(3) of the Act dated 29.6.2017 made an addition of Rs. 7,22,049/- (5,44,630 + 1,77,419) in respect of interest income derived by the assessee from Bank of Baroda and Bank of India as admittedly the same were not derived from a Co-operative Bank. We find that the ld AO held that in the case of an assessee, being a co-operative housing society, interest earned from a co-operative bank alone would be eligible for deduction u/s 80P of the Act . The ld AO als....
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....duly applied his mind on the eligibility of assessee for claiming deduction u/s 80P of the Act by taking due cognizance of the fact that the assessee is a registered co-operative housing society deriving interest income from deposits kept with co-operative banks. Infact the ld AO had even applied his mind that in respect of interest income derived from public sector banks (viz Bank of Baroda and Bank of India), the assessee would not be entitled for deduction u/s 80P of the Act as the same is eligible for only for interest derived from co-operative bank. Hence in our considered opinion, the conclusion of the ld PCIT that no enquiries were indeed carried out by the ld AO cannot be accepted and hence the revision order passed by him u/s 263 o....
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....covered in favour of the assessee. Learned Counsel of the assessee has submitted as under :- "1. The captioned appeals preferred by the Department were heard before Your Honours on June 2, 2021. One of the grounds of appeal raised by the Department in all three appeals is regarding allowability of deduction u/s. SOP claimed by the Respondent Assessee. During the course of the hearing, our learned authorized representative Mr. Yogesh Thar had argued that insofar as claim of deduction u/s. SOP of the Act is concerned, the same is covered in Assessee's favour by the decision of the Hon Jurisdictional Mumbai Tribunal in Assessee's own case for AY 2011-12 (ITA No. 896/M/2016, order dated February 17, 2017 (copy has been already ....
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....operative bank, s, 80P(4) has no role to play and therefore deduction claimed u/s. 80P(2)(d) and 80P(2)(c) deserves to be allowed in entirety. 6. Similar is the ratio of the decisions of the Hon Jurisdictional Mumbai Tribunal in following cases; 6.1. Land End Cooperative Housing Society Ltd. v. ITO (46 CCH 52) (Mum); 6.2. Sea Green Cooperative Housing Society Ltd. v. ITO (ITA No. 1343/M/17, order dated 31.03.2017) (Mum); 6.3. Merwanjee Cama Park Cooperative Housing Society Ltd. v. ITO (ITA No. 6139/M/14, order dated 27.09.2017) (Mum); 6.4. ITO v. Ashoka Apt. C.H.S. Ltd. (ITA No. 2845/M/10) (Mum); 6.5. ITO v. Sagar Sanjog C.H.S. Ltd. (ITA No. 1972-74/M/2005)(Mum); 6.6. ITO v. Pan....