2023 (3) TMI 49

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.... "1). The learned CIT NFAC erred in sustaining the addition of Rs.60,24,520/- to society's income being interest and dividend received from other Co-op Banks which was eligible for deduction u/s. 80P(2)(d) of the Income Tax Act. 2). The learned CIT NFAC erred in holding that Co-op Banks are not Co-operative societies and, on that basis, rejecting society's claim from deduction u/s. 80P(2)(d). 3). The learned CIT NFAC erred in not properly appreciating the decisions of the Jurisdictional Pune Bench of Hon'ble Tribunal which squarely covered the disputed issue in the appellant's favor. 4). Such other orders be passed as deemed fit and proper. 5). The appellant prays for leave to add to, amend or modify its ....

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....Society, the interest income earned from such Bank is not exempt u/s. 80P(2)(d) of the Act. That as per the provision of section 80P(2)(d) of the Act, it is only the income derived from other Co-operative Society i.e. eligible for deduction. The NFAC also upheld the decision of Ld. AO and had dismissed the appeals of the assessee. 3. At the outset, the Ld. Counsel for the assessee submitted that in a very recent decision of the Pune Tribunal in ITA No. 306/PUN/2022 for A.Y. 2018-19 vide order dated 29-08-2022, it was held that the same bank i.e. Pune District Central Co-operative Bank is a Co-operative Society and not a bank and therefore, the interest income earned from investments from the said Co-operative Society namely Pune District....