2024 (4) TMI 1169

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hri Manoj Kumar Singh ORDER PER JUSTICE (RETD.) C.V. BHADANG, PRESIDENT : The assessee has filed this appeal challenging the order dated 31.08.2023 passed by the Commissioner of Income Tax (Appeals), NFAC, Delhi ('CIT(A)' for short) and it relates to assessment year 2017-18. The appellantsociety is aggrieved by the confirmation by CIT(A) of the disallowance made by the Assessing Officer (....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....First Appellate Authority passed the impugned order confirming the disallowance. Hence, this appeal. 4. We have heard the parties. Perused record. 5. The issue in our view is no longer res integra. The authorities below have concurrently found that the provisions of Section 80P(2)(d) of the Act envisage allowable deduction only against the interest earned by co-operative society on account o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 7. The learned CIT-DR has supported the impugned order on the ground that Section 80P(2)(d) of the Act cannot take into its ambit the interest income on deposits kept with co-operative banks/commercial banks. 8. We have considered the submissions made. As noticed earlier, the issue stands concluded by the decisions of this Tribunal as referred to above. Even the Hon'ble Madras High Court i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f such income" 9.1 A reading of the above said provision makes it clear that in the event if any Co-operative Society derived income by way of interest from investment made in any other Co-operative Society the whole such interest is eligible for deduction. Now the issue is as to whether the Co-operative Bank would fall within the purview of the term 'Co-operative Society'. In the....