2022 (5) TMI 1678

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....submitted that the ground of appeal no.3 filed by the assessee in appeal remains un-adjudicated. 3. We have carefully gone through the grounds of appeal filed before this Tribunal and found the contention of the appellant correct that the ground of appeal no.3 relating to claim of deduction in respect of interest earned from Belagum Dist. Central Co-Operative Bank Ltd. under the provisions of section 80P(2)(d) of the Act remains un-adjudicated. The ld. Sr. DR had expressed no objection for recall the appeal for limited purpose of adjudication of ground of appeal no.3. Accordingly, we recall the appeal for limited purpose of adjudication of ground of appeal no.3 raised by the assessee in appeal. Accordingly, the Miscellaneous Application ....

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....interest income was received by the assessee on the surplus deposited with BDCC Bank Ltd. and also investments of statutory reserve funds etc. The ld. AR submits that the appellant is not a cooperative bank but a cooperative society and eligible for deduction u/s 80P(2)(a)(i) of the Act. 7. On the other hand, ld. Sr. DR placed reliance on the orders of the lower authorities. 8. We heard the rival submissions and perused the material on record. The only issue in the present appeal is pertaining to the allowability of deduction under the provisions of section 80P(2)(d) of the Act. On perusal of provisions of section 80P(2)(d), it is clear that the income derived by a cooperative society from its investment held with other cooperative so....

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....m 447 and the Hon'ble Delhi High Court in the case of Mantola Cooperative Thrift Credit Society Ltd. vs. CIT, 50 taxmann.com 278, decision of the Hon'ble Delhi High Court in the case of Mantola Cooperative Thrift Credit Society Ltd. (supra) had not been preferred to view of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-op. Ltd. (supra). The relevant observation of the Pune Bench of the Tribunal in the case (supra) is as under :- "9. The Pune Benches of the Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit Vs. The Pr.CIT (ITA No.713/PUN/2016, dated 9-4-2019) decided the question of availability of deduction u/s 80P on interest income by noticing that the Pune Bench in an earlier ca....