2024 (11) TMI 72

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.... passed u/s. 147 r.w.s.144B of the Act dated 03.03.2022. 2. The Registry has informed that there is a delay of 450 days in filing of the appeal before this Tribunal. Ld. Counsel for the assessee has referred to the Affidavit given by Secretary of the assessee Cooperative Society stating that there was a reasonable cause which prevented the assessee to file the appeal in time. 3. I have perused the affidavit and observe that the assessee society which runs through its office bearers, keeps on changing from time to time. The consultant who was appointed to look after the taxation work did not check and track the status of the appeal. The concerned staff of the assessee also could not notice receipt of any mail regarding such an order pa....

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...., I notice that the sole grievance of the assessee is that the ld. CIT(A) erred in confirming the disallowance of deduction at Rs. 8,64,028/- claimed by the assessee u/s. 80P of the Act. 7. Facts in brief are that the assessee is a Cooperative Society and declared Nil income in the return furnished on 26.09.2014. The total claim of deduction u/s. 80P at Rs. 86,85,797/- included the deduction towards Rs. 8,64,028/- for the interest received from investments made in Cooperative Banks. Ld. Assessing Officer after referring to various decisions came to a conclusion that the interest earned from deposits with Cooperative Banks is not eligible for deduction u/s. 80P of the Act. 8. Aggrieved assessee preferred appeal before the ld. CIT(A) bu....

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....tive Bank Limited. 13. Section 80P(2)(d) of the Act provides that the sum received in respect of any income by way of interest or dividend derived by Cooperative Society from its investment with any other Cooperative Society, the whole of such income is eligible for deduction u/s. 80P of the Act. I observe that section 80P(2)(d) of the Act refers to the interest from Cooperative Society but it has been consistently held by this Tribunal (Pune Benches) that Cooperative banks are basically Cooperative Societies except that they get license for doing the banking business. I find that this Tribunal in case of Kolhapur District Central Co-op. Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd., Vs. ITO in ITA No.1365/PUN/2023, dated 01.01.2024 d....