2025 (5) TMI 1872

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....as "AY") 2021-22. 2. At the outset, the Ld. Counsel for the assessee submitted that there is a delay of '89' days in filing of this appeal and explained the reason for cause of delay. Having gone through the facts which led to the delay, we find that there was sufficient cause for the cause of delay and hence, we condone the delay of '89' days and proceed to adjudicate the appeal on merits. 3. The main grievance of the assessee is against the action of the Ld.CIT(A) disallowing the deduction u/s.80P(2)(d) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") amounting to Rs. 2,19,062/- in respect of the interest income from Erode District Central Co-operative Bank. 4. The brief facts are that the assessee is a Primary Thrift....

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.... primarily a Society and therefore, the AO/CPC as well as the Ld.CIT(A) erred in disallowing it. In order to examine this issue, let us look into the relevant provisions of Sec.80P(2) of the Act, which reads as under: Deduction in respect of income of co-operative societies. 80P.(1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in subsection (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:- (d) in respect of any income by way of interest or dividends deriv....