2022 (5) TMI 1084

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....cted against the order of learned CIT(A) dated 30.8.2021 pertains to A.Y. 2017-18. 2. The grounds of appeal read as under : 1. The Ld. CIT(A) has erred in affirming with the Ld. Assessing Officer and disallowing the deduction u/s 80P(2)(a)(i) available to the society. 2. The Ld. CIT(A) has erred in disallowing the deduction u/s 80P(2)(d) in respect of interest earned by the society. 3. The ....

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....satisfied with the deduction claimed under section 80P of interest earned from Cooperative bank. He referred to the provisions of section 80P(4) of the I.T. Act. He was of the opinion that same is applicable in the case of the assessee. He further referred some decisions and disallowed assessee's claim. 4. Upon assessee appeal learned CIT(A) confirmed the same. 5. Against the above order assesse....

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.... following propositions may be culled out from the judgment: (I) That section 80P of the IT Act is a benevolent provision, which was enacted by Parliament in order to encourage and promote the growth of the co-operative sector generally in the economic life of the country and must, therefore, be read liberally and in favour of the assessee; (II) That once the assessee is entitled to avail of d....