2022 (7) TMI 1055

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.... Shri Abhay Baxi For the Department : Shri Himanshu Sharma ORDER PER KAVITHA RAJAGOPAL (JM): This appeal is filed by the Assessee as against the order of Ld.CIT(A), National Faceless Appeal Centre (NFAC), Delhi, all dated 20/10/2021 for the assessment years 2014-15, 2015-16 & 2018-19. 2. The solitary issue in all these appeals is the disallowance under section 80P(2)(d) of the I.T. ....

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....with Mumbai District Central Co-operative Bank Ltd and Shamrao Vithal Co-operative Bank Ltd. The assessee claimed deduction under section 80P(2)(d) on this amount of interest received by it. In an assessment made under section 143(1) of the I.T. Act, 1961, the Centralised Processing Centre (CPC ) made an adjustment of Rs.1,68,340/- by denying the deduction claimed under section 80P(2)(d) of the Ac....

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....e, in the present case has earned interest from co-operative banks. The assessing officer has rejected the rectification application of the assessee filed against the order under section 143(1) of the Act passed by the CPC, Bangalore with regard to the claim of deduction under section 80P(2)(d). The Assessing Officer has stated that there is no mistake apparent on the order of the CPC, Bangalore. ....

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....rders of the authorities below. 6. Having heard both the learned representatives and perused the materials on record, we are of the considered view that the assessee is a co-operative society which is entitled for deduction under section 80P(2)(d) being interest earned from deposits in a co-operative society. In the case of New Ideal Co-operative Housing Society Ltd ITA No.2681/Mum/2019 dated 0....