TaxTMI 
TaxTMI 
2024 (8) TMI 285
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.... the 1961 Act. The assessee has filed Affidavit praying for condonation of delay, wherein it is averred that there is a delay of 9 days in filing this appeal belatedly with Tribunal as the concerned accountant was given the appellate order but he forgot to file the appeal in time, and when it was enquired by the Secretary of the assessee Society, then he recalled that the appeal is not filed and then immediate steps were taken to file this appeal with Tribunal, but by that time of filing there was delay of 9 days in filing this appeal belatedly with Tribunal. Prayers are made that this delay of 9 days be condoned. The ld. Sr. DR did not have serious objection if the delay of 9 days are condoned by Bench. The appellate order of the Ld. CIT(A) is dated 21.12.2022, and the appeal ought to have been filed by the assessee with Tribunal within 60 days of service of the order of the Ld. CIT(A), which as per Form 36 was received by the assessee on 21.12.2022 itself. Thus the appeal ought to have been filed with Tribunal on or before 19th February 2023, but has been filed on 28.02.2023 belatedly by 9 days beyond the time stipulated u/s 253(3). The reason for delay in filing appeal is inadve....
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....n of income filed with the Revenue. The assessee is Co-operative society having filed its return of income on 29.10.2018 declaring Nil Income after claiming deduction u/s 80P to the tune of Rs. 37,16,371/-. The AO issued statutory notices u/s 143(2) and 142(1), during the course of assessment proceedings. The assessee filed its reply, during the course of assessment proceedings. The AO while framing assessment made additions to the tune of Rs. 2,55,000/- by denying the deduction u/s 80P with respect to interest received by the assessee from The Sabarkantha District Central Co-operative Bank, Khedbrahma. 5. Aggrieved, the assessee filed first appeal with ld. CIT(A), which stood dismissed by Ld. CIT(A) by mainly relying on the judgment and order of Hon'ble Supreme Court in the case of The Totgar Co-operative Sale Society Limited v. ITO(2010) 188 Taxmann 282(SC).However, the ld. CIT(A) observed that the assessee is entitled for deduction of pro-rata expenses u/s 57, by relying on the order of ITAT, Ahmedabad in The Uttar Gujarat Uma Co-operative Credit Society Limited v. ITO in ITA No. 1670 & 1671/Ahd/2018. 6. Still aggrieved, the assessee has now filed second appeal with the Tr....
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.... Bank of India v. CIT reported in (2016) 72 taxmann.com 64(Guj HC) has decided this issue in favour of the tax-payer by holding that interest income received by Credit Co-operative Society from deposits made with Co-operative Bank registered under the Co-operative Societies Act or under the State Act, shall be allowed as deduction u/s 80P(2)(d), and the ITAT in several cases has already decided this issue in favour of the tax-payer, including in the case of the assessee itself for immediately preceding assessment year i.e. 2017-18 in ITA No. 499/Ahd/2022, dated 27.10.2023 read with Corrigendum dated 20/03/2024, in which one of us being Hon'ble Judicial Member was part of the Division Bench who pronounced the said order, as well in the case of The Sardar Patel Co-operative Credit Society Ltd. v. ACIT ( ITA no. 525 & 526/Ahd/2023 vide order dated 02.04.2024) in which one of us being Hon'ble Accountant Member was part of the Division Bench which decided the issue in favour of the assessee., by holding as under(ITA No. 525 & 526/Ahd/2023) :- "7. We have considered rival contentions and perused the material on record. We have observed that the assessee is Co-operative Credit So....
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....rried on by the appellant, cannot be deducted under section 80P(2)(a) (i) of the Act. If the appellant wants to avail of the benefit of deduction of such interest income, it is always open for it to deposit the surplus funds with a co-operative bank and avail of deduction under section 80P(2)(d) of the Act. 5.2 In the case of Surat Vankar Sahakari Sangh Ltd. v Assistant Commissioner of Income-tax [2016] 72 taxmann.com 169 (Gujarat), the Gujarat High Court held assessee-co-operative society was eligible for deduction under section 80P(2)(d) in respect of gross interest received from cooperative bank without adjusting interest paid to said bank. 5.3 In the case of Surendranagar District Co-op. Milk Producers Union Ltd. v Deputy Ld. CIT(A) 111 taxmann.com 69 (Rajkot Bench) the ITAT held that assessee-co-operative society could not claim benefit of section 80P(2)(d) in respect of interest earned by it from deposits made with nationalised/private banks, however, said benefit was available in respect of interest earned on deposits made with co-operative bank. 5.4 In the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017)....