TaxTMI 
TaxTMI 
2024 (7) TMI 335
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....e Income Tax Act, 1961 (in short "the Act"). Case called twice. None appears at assessee's behest. It is accordingly proceeded ex-parte. 2. The assessee pleads the following substantive grounds in the instant appeal : 1. "That the learned AO and the learned CIT(A) has erred in law and on facts, in denying the deduction claimed by appellant u/s 80P and making an addition of Rs. 16,97,700/- to the returned income of the appellant. 2. The learned AO ought to have extended the benefit of section 80P to the interest income on investments in bank since the investment were made out of own funds. The Appellant craves leave to add, alter, amend, vary, omit or substitute any of the aforesaid grounds of appeal at any time before or at the time....
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....ncerned, this tribunal in The Hukkeri Taluk Agri Produce Co-operative Marketing Society Ltd., Dist. Belagavi vs. ITO, Ward-1(1), Belagavi ITA.No.30/PAN./2018 dated 16.11.2021 has already settled the issue regarding interest income(s) derived from investment(s) made in former category of cooperative institution(s) in assessee's favour and against the department as under : "2. Briefly, the facts of the case are that the appellant is a cooperative society engaged in the business of marketing of agricultural produce, etc.. The return of income for the assessment year 2012-13 was filed on 27.09.2012 declaring total income of Rs. Nil after claiming deduction u/s 80P(2)(d) of the Income Tax Act, 1961 ('the Act') amounting to Rs. 1,80,144/- being....
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....ative bank placing reliance on the order of the ld. CIT(A). 7. We heard the rival submissions and perused the material on record. The only issue in the present appeal is pertaining to the allowability of deduction under the provisions of section 80(2)(d) of the Act. On perusal of provisions of section 80P(2)(d), it is clear that the income derived by a cooperative society from its investment held with other cooperative societies shall be exempt from the total income of a cooperative society. Therefore, what is relevant for claiming of deduction u/s 80P(2)(d) is that interest income should have been derived from the investment made by the assessee cooperative society with any other cooperative society. In the present case, the reasoning gi....
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....Tumkur Merchants Souharda Credit Co-op. Ltd. (supra). The relevant observation of the Pune Bench of the Tribunal in the case (supra) is as under :- "9. The Pune Benches of the Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit Vs. The Pr.CIT (ITA No.713/PUN/2016, dated 9-4-2019) decided the question of availability of deduction u/s 80P on interest income by noticing that the Pune Bench in an earlier case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit Vs. ITO (ITA No.604/PN/2014, dated 19-8-2015) has allowed similar deduction. In the said case, the Tribunal discussed the contrary views expressed by the Hon'ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 Taxman 30....
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....the assessee could not claim deduction u/s. 80P(2)(d) of the Act. When we consider the impact of this decision, it turns out that the same is not germane to case under consideration in view of the position that the claim of the instant assessee is directly about the eligibility of deduction u/s. 80P(2)(a)(i) of the Act and not u/s. 80P(2)(d). Moreover, so many decisions relied on by the ld. AR amply go to prove that the view taken by the AO, cannot by any standard, be construed as not a possible view. We, therefore, hold that the ld. Pr. CIT was not justified in exercising the revisional power anent to interest income of Rs. 22,34,270/- earned on investments made with co-operative banks." 6. The outcome would hardly any different regarding....