2025 (6) TMI 1995

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.... 143(3) r.w.s.144B 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 Ld. A.O. erred in rejected Claim interest on deposits held in co-operative Bank under section 80P(2)(d) of Rs. 17,51,124/- being Pune District Central Coop Ltd, Pune is scheduled bank and not cooperative Bank which is bad in law because PDCC Bank is registered under the Maharashtra Cooperative Society Act, with the Divisional Joint Registrar Co-op Society Pune division having signed its registration certificate. Hence order passed in consequence to that may kindly be quashed." 3. At the outset, Ld. Counsel for the assessee submitted that ld.CIT(A) erred in ....

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....y a Cooperative Bank registered under Maharashtra Cooperative Societies Act, 1960. 5. 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 deduction u/s. 80P(2)(d) of the Act. Recently, this Bench in the case of Annapurna Nagari Sahkari Pathsanstha Maryadit Yawal Vs. ITO in ITA No.313/PUN/2025, order dated 07.05.2025 has allowed the deduction claimed by the assessee u/s. 80P(2)(d) of the Act observing as under : "5. We have heard the rival submissions and perused the record placed before us. There is no dispute to the fact that assessee has earned interest income of Rs. 1,02,95,103/- from deposits/investments w....

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....e 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 case of Kolhapur District Central Co-op. Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd., Vs. ITO in ITA No.1365/PUN/2023, dated 01.01.2024 dealing with similar issue after placing reliance on another decision of this Tribunal in the case of The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co-op Credit Society vs. ITO in ITA No.84/PAN/2018, dated 27.05.2022 has held that the interest earned from deposits with Cooperative Banks are also eligi....