TaxTMI 
TaxTMI 
2023 (3) TMI 1574
X X X X Extracts X X X X
X X X X Extracts X X X X
....Society, Registered under the Maharashtra Co-op Society Act 1960. The grounds of appeal of the assessee is against the action of the Ld. CIT(A) confirming the action of AO/CPC not allowing the claim of the assessee on the interest income u/s 80P(2)(d) of the Income Tax Act, 1961 (hereinafter "the Act") which it had received from Maharashtra State Co-operative Bank Ltd to the tune of Rs. 1,89,143/-. 3. Brief facts are that the assessee State Bank of India Employees Devangini Co-op Housing Society Ltd. is a Cooperative Housing Society, Registered under the Maharashtra Co-op Society Act. The assessee had invested its Surplus fund with Co-operative Banks as per the requirement under the Maharashtra State Co-operative Act. The assessee's clai....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n in respect of income of Co-operative Society. "80P(2)(d) (1). Where in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. (2). The sums referred to in sub-section (1) shall be the following, namely :- (a)............................................................................................ (b)............................................................................................ (c)...............................................
X X X X Extracts X X X X
X X X X Extracts X X X X
....y registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies, therefore, the interest income derived by a co-operative society from its investments held with a co-operative bank would be entitled for claim of deduction under Sec. 80P(2)(d) of the Act. As far as the reliance placed made by the assessee before the Ld. CIT(A)/NFAC in support of the claim of deduction u/s 80P(2)(d) of the Act as well as the reliance placed by the Ld. DR before me for supporting the order of the Ld. CIT(A)/NFAC, it is noted that the case laws cited by both the parties have been taken note by this Tribunal in the case of M/s. Rema Sahakari Karkha....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... behind enactment of sub-section (4) of Sec. 80P was that the co-operative banks which were functioning at par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Although, in all fairness, we may herein observe that the Hon'ble High Court of Karnataka in the case of Pr. CIT Vs. Totagars co-operative Sale Society (2017) 395 ITR 611 (Karn), as had been relied upon by the ld. D.R before us, had held, that a co-operative society would not be entitled to claim deduction under Sec. 80P(2)(d); but then, the Hon'ble High Court in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon'ble High Court of Gujarat in the case of State....