2023 (11) TMI 328

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....llowing grounds: "1. This Miscellaneous Petition is filed in the case of Hon'ble Income Tax Appellate Tribunal order in ITA No.78/Coch/2019 dated 17.05.2019, wherein Hon'ble ITAT partly allowed the appeals filed by the Revenue. 2. The only issue raised in this Misc. Petition is whether the assessee is entitled to deduction of interest income u/s 80P(2) of the Income Tax Act. 3. The judgment delivered by the Hon'ble Income Tax Appellate Tribunal was on the basis of the co-ordinate Bench order of the tribunal in the case of Kizhathadiyoor Service Co-operative Bank Limited (supra). 4. It is to bring to the kind attention of ITAT that, in the case of Kizhathadiyoor SCBL, ITA No.525/Coch/2014 dated 20.07.2016 for AY 2009- 10, relied on b....

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....ed 20.07.2016), relied upon by it, interest on investments in co-operative banks was held deductible u/s.80P(2)(d), which requires being reviewed inasmuch as cooperative societies are not co-operative banks. 3. We have heard the parties, and perused the material on record. 3.1 The relevant part of the impugned order reads as under: "7.1 In view of the dictum laid down by the Full Bench of the Hon'ble High Court, the issue of deduction u/s 80P(2)(a)(i) is restored to the Assessing Officer. The Assessing Officer shall examine the activities of the respective assessees and determine whether their activities are in compliance with the activities of a co-operative society functioning under the Kerala Co-operative Societies Act, 1969 and gran....