2023 (4) TMI 994

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....ent years 2017-18 and 2018-19. 2. The only issue raised in both the appeals is against the denial of deduction u/s.80P of the Income-tax Act, 1961 (hereinafter also called 'the Act') on interest income earned from Maharashtra Gramin Bank. 3. Tersely, the facts of the case for the first assessment year are that the assessee is a cooperative credit society which filed return declaring total income....

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....80P of the Act on interest income earned from Maharashtra Gramin Bank. The extant issue is no more res integra in view of the catena of decisions delivered by the Pune Benches. The Pune Bench in Rena Sahakari Sakhar Karkhana Ltd. Vs. Pr.CIT (ITA No.1249/PUN/2018) has held, vide its order dated 07-01-2022, that though co-operative banks, other than primary agricultural credit society or a primary c....

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.... the Act on the amount of interest earned from Maharashtra Gramin Bank. 6. The facts for the A.Y. 2018-19 are mutatis mutandis similar. For this year, the AO denied deduction u/s.80P in respect of interest income of Rs.2,59,128/- received from Maharashtra Gramin Bank, which came to be countenanced in the first appeal. 7. After hearing the ld DR and perusing the material on record, it is seen tha....