TaxTMI 
TaxTMI 
2022 (10) TMI 1286
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....ssment year declaring income of Rs. 130/- after claiming deduction of Rs. 10,93,368/- u/s. 80P(2)(d) of the Income Tax Act, 1961 [ in short 'the Act']. The return of income was process u/s. 143(1) of the Act. The Assessing Officer disallowed assessee's claim of deduction u/s. 80P(2)(d). Thereafter, the assessee filed rectification petition u/s. 154 of the Act. The rectification petition of the assessee was dismissed by the Assessing Officer vide order dated 08/09/2020. Aggrieved by the said order, the assessee filed appeal before CIT(A) assailing denial of deduction u/s. 80P(2)(d) of the Act in proceedings u/s. 154 of the Act. The CIT(A) vide impugned order dismissed the appeal of assessee. 3. The ld. Counsel for the assessee submits that ....
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....remises Co-op Society Ltd. Vs. ITO, 94 taxmann.com 15 (Mumbai) after considering various decisions by Hon'ble High Courts and the Tribunal and the provisions of the Act, has held that interest income derived by a co-operative society from investments with a co-operative bank, would be entitled for deduction under section 80P(2)(d) of the Act. The relevant extract of the order reads as under: - "7. We have deliberated at length on the issue under consideration and are unable to persuade ourselves to be in agreement with the view taken by the lower authorities. Before proceeding further, we may herein reproduce the relevant extract of the said statutory provision, viz. Sec. 80P(2)(d), as the same would have a strong bearing on the adjudicat....
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....r a primary co-operative agricultural and rural development bank, but however, are unable to subscribe to their view that the same shall also jeopardise the claim of deduction of a co-operative society under Sec. 80P(2)(d) in respect of the interest income on their investments parked with a cooperative bank. We have given a thoughtful consideration to the issue before us and are of the considered view that as long as it is proved that the interest income is being derived by a co-operative society from its investments made with any other cooperative society, the claim of deduction under the aforesaid statutory provision, viz. Sec. 80P(2)(d) would be duly available. We may herein observe that the term 'cooperative society' had been de....