2021 (3) TMI 1425

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....erred to as Act) dated 20/11/2018 by the ld. ITO-WARD 21(1)(3), Mumbai (hereinafter referred to as ld. AO). 2. Though the revenue has raised several grounds of appeal, we find that the effective issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in allowing deduction u/s.80P(2)(d) of the Act in the facts and circumstances of the case. 3. We have heard rival submissions and perused the materials available on record. At the outset, both the parties before us fairly agreed that this issue is already covered in favour of the assessee by the order of this Tribunal for the A.Y.2015-16 in ITA No.1880/Mum/2019 dated 29/10/2020. We find that assessee is a co-operative housing society. During the period relevant to....

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....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 reversing the findings of CIT(A). The learned Departmental Representative submitted that the provisions of section 80P(2)(d) mandates that it is only the interest or dividend derived by co-operative society from investment with other cooperative society that would be exempted. In the present case, the assessee has made investment with cooperative bank. Hence, benefit of deduction under section 80P(2)(d) of the Act would not be available to the assessee. 4. We have heard the submissions m....