TaxTMI 
TaxTMI 
TaxTMI 
2022 (4) TMI 339
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....br>Dated:- 4-4-2022<br>I.T.A. Nos. 170 & 171/PAN/2018 And I.T.A. No. 181 to 184/PAN/2018 And I.T.A. No. 141/PAN/2018 And I.T.A. No. 115/PAN/2018 And I.T.A. No. 190/PAN/2018 And I.T.A. No. 245/PAN/2018 And I.T.A. No. 216 to 2018/PAN/2018 And I.T.A. No. 226/PAN/2018 - -<br>Income Tax<br>Dr. M. L. Meena, Accountant Member And Sh. Anikesh Banerjee, Judicial Member For the Appellant : Sh. S. B. Gadadi, CA, Sh. Shivanand Halbhavi, CA For the Respondent : Smt. Rijula Uniyal, Sr. DR ORDER PER BENCH: The instant appeals are filed by the different assessees before the ITAT against the order of the Ld. Commissioner of Income Tax, passed u/s 250(6). 2. The following ITA Nos. are time barred appeals as ITA No. 184/PAN/2018 is delay in 26 days, ITA....
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....affected in this particular deduction. The Revenue is wrongly interpreted the section 80P(4) and the judgment of the Hon'ble Supreme Court in the case of Totgars Co-operative Sales Society Ltd, supra. 6. The Ld. DR vehemently argued and relied that the assessee invested in Cooperative Bank and the interest earned from the Cooperative Bank is not eligible u/s 80P(4). Section 80P(4) only restricted investment in the Cooperative Society not in bank. So the order of the Ld. CIT(A) is maintainable. 7. The Ld. counsel further argued that the assessee is registered under Cooperative Society Distt. Belagavi under department of Cooperative, Government of Karnataka bearing certificate no. 10161 dated 29.11.2003. The assessee is eligible for deducti....
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....not less than one lakhs of rupees; (3) the bye-laws of which do not permit admission of any other co-operative society as a members. 3 Primary Credit Society Clause (ccvi) of Section 5 Primary Co-operative Society means a Co-operative society other than a primary agricultural credit society - (1) the primary object or principal business of which is the transaction of banking business; (2) the paid up share capital and reserves of which are not less than one lakh of rupees; and (3) the bye laws of which do not permit admission of any other co-operative society as a member. 6. From the above chart, it is clear that Co-operative Bank in....
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....ng money to the members, as there were no takers. Therefore they had deposited the money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of Section 80P(1) of the Act. In fact similar view is taken by the Andhra Pradesh High Court in the case of CIT v. Andhra Pradesh State co-operative Bank Ltd., [2011] 200 Taxman 220/12 taxmann.com 66. In that view of the matter, the order passed by the appellate authorities denying the benefit of deduction of the aforesaid amount is unsustainable in law. Accordingly it is hereby set aside. The substantial question of law is answered in favour of the assessee and against the revenue. Hence, w....
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....r authorities and conclude that the interest income of Rs. 27,48,553/- earned by the assessee on the investments held with the co-operative bank would be entitled for claim of deduction under Sec. 80P(2)(d)." d) In the case of Tirupati Campus PH. II CO-OP HOUSING SOCIETY MARYADIT VERSUS THE NCOME TAX OFFICER WARD -7 (4), PUNE (ITAT_Pune) ITA No.1429/PUN/2018, AY-2015-16, Date of Order 28/02/2019. "5. I have heard the rival submissions and perused the material on record. The issue in the present ground is with respect to denial of claim of deduction u/s 80P(2)(d) of the Act. The claim of deduction by the assessee was denied by the AO with respect to the interest income earned from Saraswat Co-operative Bank on the ground that the same is....