TaxTMI 
TaxTMI 
2023 (2) TMI 514
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.... orders passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act"). 2. At the outset, Ld. Counsel for the assessee submitted that issues raised by the assessee in both the appeals are common and identical. The issue involved in both the appeals are that Ld. CIT(A) denied the deduction under section 80P(2)(d) of Income Tax Act in respect of interest received from Co-operative banks. The Ld. Counsel submitted before the Bench two charts for ITA Nos. 438/SRT/2022 and 439/SRT/2022 for A.Ys.2017-18 and 2018-19 respectively, which are reproduced below: (a) For ITA No. 438/SRT/2022 for AY.2017-18: (b) For ITA No.439/SRT/2022 for AY.2018-19: 3. Therefore, Ld. Couns....
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.... of CIT vs. Totagars Co-Op Sale Society. However, the aforesaid decision is not applicable to the facts of the appellant's case as the appellant-society has claimed deduction u/s 80P(2)(d) and not u/s 80P(2)(a) of the Act. Deduction u/s 80(P)(2)(a) is available only in respect of income which is assessable as business income and not as income from other sources. whereas in distinction to this, the provisions of Section 80(P)(2)(d) of the Act provides for deduction in respect of income of a co-op society by way of interest or dividend from its investments with other co-op society if such income is included in the gross total income of the such Co-op society. In other words, Section 80(P)(2)(d) allows the deduction of interest received by a c....
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....e Saroday Credit cum Consumer Co-op society Ltd ITA No.1875/Ahd/2015 dt.11.07.2018 (j) ITAT Ahmedabad The Uttar Gujarat Uma Co-op Credit Society Ltd ITA No.1670 & 1671/Ahd/2018 dtd 28.02.2019. In all these cases, it was held that interest income earned by assessee co- Operative Bank is eligible for deduction u/s 80P(2)(d). The Hon Guj. High Court in Sl. No.(c) above has held that "assessee co-op. society was eligible for deduction u/s 80P(2)(d) in respect of gross interest received from Surat Dist. Co-Op. Bank without adjusting interest paid to the said bank." The AR referred to the various legal decisions on the matter including the decision of the CIT(A)-4, Surat in the case of Shree Kumkotar Dudh Utpadak Sahaka....
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.... us. 6. Learned DR for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. On the other hand, Ld. Counsel for the assessee defended the order passed by the Ld. CIT(A). 8. We have heard both the parties and perused the materials available on record. We note that issue under consideration is squarely covered by the judgment of Hon'ble jurisdictional High Court of Gujarat in the case of Surat Vankar Sahakari Sangh Ltd. Vs. ACIT (supra) as relied on by ld CIT(A), wherein it was held that assessee-co-operative society was eligible for deduction under section 80P(2)(d) of the Act, in respe....
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....ngs Accounts - on page No. 8 of Paper Book 1. The Surat District Co-Op. Bank Ltd. Sagarampura Branch A/c. No. 026002000000011 Rupees 1,81,049 2, 3. The Sutex Co-Op. Bank Ltd. Gopipura Branch, A/c. No. 2480052095098 The Sutex Co-Op. Bank Ltd., Udhna Main Road Branch, A/c No. 2480172091839 1,45,358 1,25,965 4. The Surat Peoples' Co-Op. Bank Ltd. Sagrampura Brnach A/c No. 1,18,642 104021259087 SUB TOTAL (1) 5,71,014 5 FIXED DEPOSITS ACCOUNT - on page no. 9 of Paper Book The Surat District Co-Op. Bank Ltd. Sagarampura Branch A/c. No. 026002000000011 99,967 6 7 The Sutex Co-Op. Bank Ltd. Gopipura Branch, A/c. No. 2480052095098 The Sutex Co-Op. Bank Ltd., Udhna Main ....