TaxTMI 
TaxTMI 
2021 (3) TMI 1425
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....This appeal in ITA No.6009/Mum/2019 for A.Y.2016-17 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-33, Mumbai in appeal No.CIT(A)-33/Rg.21/85/2018-19 dated 24/07/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 20/11/2018 by the ld. ITO-WARD 21(1)(3), Mumbai (hereinafter referred....
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....with Co-operative banks, sale of scrap, miscellaneous income, dividend and interest free tax free bonds. We find that assessee filed its return of income for the A.Y.2016-17 on 21/10/2016 declaring total income of Rs.1,44,130/-. The assessee had claimed deduction u/s.80P(2)(d) of the Act while filing the return of income for Rs 1,86,42,143/-. The total deduction u/s.80P(2)(d) claimed by the assess....
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....he Act. 4. Aggrieved, the Revenue is in appeal before us. 5. As already stated that this issue is already decided in favour of the assessee by this Tribunal in assessee's own case for A.Y.2015-16 referred to supra, the relevant portion of the said order is reproduced hereunder:- 3. Shri Uodal Raj Singh representing the Department vehemently defended the assessment order and prayed for reversin....
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....ciety for the purpose of section 80P(2)(d) of the Act? The Hon'ble Karnataka High court in the case of PCIT vs. Totagars Co-operative Sale Society 392 ITR 74 (Karnataka) has held that for the purpose of section 80P(2)(d) of the Act a cooperative bank should be considered as cooperative society. Similar view has been taken by the Hon'ble Gujarat High court in the case of Surat Vankar Sahaka....