TaxTMI 
TaxTMI 
2021 (10) TMI 951
X X X X Extracts X X X X
X X X X Extracts X X X X
....idly 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 registered under the Maharshtra Co-operative Societies Act. The main source of income shown by the assessee is on account of interest income from Co-operative Banks . In the return of income, the assessee claimed deduction u/s 80P of the Act for the same and accordingly the return of income for the Asst Year 2015-16 was filed by the assessee on 21.9.2015 declaring total income of Rs Nil. The return was selected for limited scrutiny by issuance of notice u/s 143(2) of the Act. In the said no....
X X X X Extracts X X X X
X X X X Extracts X X X X
....at the entire interest income was derived by the assessee from co-operative banks vizSaraswat Co-op Bank Ltd and ShamraoVithal Co-op Bank Ltd. We find that the assessee also gave the scrutiny assessment orders framed in its hands for the Asst Years 2013-14 and 2014-15 as under:- AY 2013-14 -Order u/s 143(3) dated 30.12.2015 (enclosed in page 9 of the paper book filed before us) AY 2014-15 -Order u/s 143(3) dated 13.12.2016 (enclosed in page 11 of the paper book filed before us) 3.2. We find that the ld AO on perusal of the aforesaid details and explanations furnished by the assessee together with the copy of assessment orders framed for the immediately preceding two assessment years under identical facts and circumstances, proceede....
X X X X Extracts X X X X
X X X X Extracts X X X X
....itself was selected for limited scrutiny only for examining the said deduction. The ld AO had indeed carried our requisite enquiries on the same and had 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. Moreover, the assessee had indeed placed the copies of scrutiny assessment orders for the immediately preceding two assessment years before the ld AO, wherein under identical facts and circumstances, the ld AO had accepted the fact that interest received from a co-operative bank would be eligible for deduction u /s 80P of the Act. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....wed after due application of mind and a view was already taken in the matter. Therefore, the allegation of Ld. Pr. CIT that the deduction was allowed without verification and necessary inquires is bereft of any merits. We find that it not a case of 'no inquiry' but it is a case wherein a plausible / possible view has been taken by Ld. AO after due consideration of issue of deduction u/s 80P(2)(d)." b) Decision of Mumbai Tribunal in the case of ITO vs M/s Mig Co-op Housing Society Group in ITA Nos. 7325-7327/Mum/2019 dated 9.8.2021 "10. As regards the issue of denial of 80P(2)(d) deduction, we note that the issue is squarely covered in favour of the assessee. Learned Counsel of the assessee has submitted as under :- ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... The crux of the said decision is that provisions of s.s. (4) to s. SOP cannot come in the way while allowing deduction u/s. SOP of the Act to an assessee. being a co-operative society, as long as the said assessee is not a co-operative bank. 4. Following the said decision, the Hon Jurisdictional Mumbai Tribunal has allowed identical claim of deduction u/s. 80P(2)(d) and 80P(2)(c) of the Act in the case of New Ideal Cooperative Housing Society Ltd. v. ITO (1TA No. 2681/M/19, order dated 03.02.2021) (copy attached at Annexure 2 with this note). 5. The Appellant submits that since it is a cooperative housing society and not a cooperative bank, s, 80P(4) has no role to play and therefore deduction claimed u/s. 80P(2)(d) and 8....