2022 (1) TMI 888

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.... P.D.Chougule ORDER PER SHRI SHAMIM YAHYA (AM) :- These appeals by the assessee are directed against respective orders of learned Commissioner of Income Tax (Appeals) for the concerned assessment years. 2. Since the issues are common and appeals were heard together, these are consolidated for the sake of convenience. 3. Since ground and adjudication are similar, we are referring to ....

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.... for deduction under section 80P (2) (d) of the Act. 4. Brief facts of the case are that assessee is a cooperative society assessee's claim for deduction under section 80P(2)(d) was denied by the AO in respect of interest income derived by the assessee from Sarswath Cooperative Bank. The AO held that section 80P(2)(d) is to be invoked which provides an exception to interest income from co-opera....

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....preme Court are squarely applicable. 8. We note that Hon'ble Supreme court in the aforesaid decision has expounded that section 80(2)(d), cannot be invoked in the case of co-operative banks unless they have license from RBI. In the case of Mavilayi Service Co-operative Bank Ltd. & Ors. (supra), hon'ble Supreme Court has referred to the decision of Citizen Co-operative Bank in civil appeal No. 1....