TaxTMI 
TaxTMI 
2023 (2) TMI 458
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....produced hereunder: "1. The learned CIT(A) has erred in confirming the reopening of the assessment in as much as the AO has considered the facts of the case and thereafter allowed the deduction under Section 80P(2)(a)(i), therefore it is nothing but change of opinion. 2. The learned CIT(A) has erred in confirming the disallowance of interest of Rs.24,69,373/- on FD with the SK Dist Co. Op. Bank and other Nationalized Banks under Section 80P(2)(a)(i) and under Section 80P(2)(d) in as much as the assessee is a co-operative credit Society and has received the interest from the SK Dist Co. Op. Bank and other Nationalized banks carrying on business in banking and therefore the interest is deductible under Section 80P(2)(a)(i) as per followin....
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...., 1961 was completed on 20.06.2017 assessed total income of Rs.nil. On verification of the case records, the Assessing Officer noticed that the assessee received interest on FDRs from Co-operative Banks and Nationalised Banks amounting to Rs.34,63,999/- on which deduction under Section 80P(2)(d) of the Act is not admissible because the deduction is admissible for interest income received from Co-operative Societies and the case was reopened under Section 147 after taking prior approval of the Addl. Commissioner of Income Tax. The assessee company is a Co-operative Society of Modasa Taluka in the Aravalli District and engaged in the business of providing credit facilities to its members. The assessee society earned net income of Rs.24,18,618....
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.... relied upon the Assessment Order and the order of the CIT(A). The Ld. DR further submitted that the Hon'ble Apex Court in the case of Totgar's Co-operative Sales Society Limited (supra) denied the admissibility of Section 80P(2)(d) deduction to the assessee Co-operative Society with respect to interest income earned on investments made in Co-operative Banks. 8. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that the Hon'ble Supreme Court in the case of Mavilayi Service Co-operative Bank Limited (supra) has considered the investments and the income derived from the interest income in respect of Co-operative Banks as well as other Banks. As regards to reopening, the Assessing Office....