TaxTMI 
TaxTMI 
2025 (6) TMI 1402
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....B) of the Act. 2. In the instant appeal, assessee has raised following grounds of appeal : "1. On the facts and in the circumstances of the case and in law the learned Assessing Officer erred in rejecting deduction under section 80P(2)(a)(i) for a sum of Rs. 11,68,749 being part of book profit of appellant society without appreciating the fact that earning of interest is an integral part of society's business and appellant prays for allowing such deduction. 2. On the facts and in the circumstances of the case and in law the learned Assessing Officer erred in treating the interest received from investment with co-operative bank a sum of Rs. 11,68,749/- as income from other sources by rejecting appellant's contention that said in....
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.... eligible for deduction u/s. 80P(2)(d) of the Act. Ld. Departmental Representative did not controvert this contention by placing any binding precedent in favour of the Revenue. 5. I have heard the rival contentions and perused the record placed before me. It is an admitted fact that impugned addition is regarding denial of deduction u/s. 80P(2)(d) of the Act for the interest income earned from Cooperative Bank namely Lokmangal Cooperative Bank at Rs. 11,68,749/-. Lower authorities have denied the deduction as Lokmangal Cooperative Bank is not a Cooperative Society. 6. This issue is no longer res integra by virtue of catena of decisions taking consistent view that interest income earned from deposits with Cooperative Banks is eligible for ....
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....issed the appeal in limine without discussing anything on merits of the issues and on the ground that the assessee has not provided plausible explanation for admission of additional evidences. 8. 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. we find that this issue is no more res integra as the Coordinate Benches of this Tribunal has been consistently holding that the interest income earned out of the FDs/Investments kept with Cooperative Banks is allowable u/s. 80P(2)(d) of the Act. We find that this Tribunal in ....