2025 (7) TMI 973

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....grounds of appeal : "1. The impugned notice u/s 148 dated 21.04.2022 is invalid and bad in law being issued by the Jurisdictional Assessing Officer as the same was not in accordance with Section 151A of the Act and consequently the impugned Assessment Order u/s 147 dt 11.03.2024 is invalid and bad in law which may be cancelled 2. Whether impugned Assessment Order u/s 147 are time barred as the notice dated the 21 April 2022 issued under Section 148 of the Act is barred by limitation as per the first proviso to Section 149 of the Act? 3. Whether impugned Assessment Order u/s 147 are time barred in view of the proviso to Section 149 as the notice u/s 148 rws 148A are issued beyond three years from the relevant assessment year in respect....

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....of the Act and the validity of reassessment proceedings. Accordingly, the said legal grounds of appeal No. 1 to 3 raised by the assessee are dismissed as 'not pressed'. 4. So far as the merits of the case are concerned, ld. Counsel for the assessee has only pressed the issue of denial of deduction u/s. 80P(2)(d) of the Act denied for the interest earned from investments made with Cooperative Banks. She stated that the issue stands squarely covered in favour of the assessee by plethora of decisions of this Tribunal. 5. On the other hand, ld. Departmental Representative supported the order of ld.CIT(A). 6. I have heard the rival contentions and perused the record placed before me. Admittedly, the assessee has earned interest from Cooperati....

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....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 with Cooperative Banks. This fact has been accepted by the Assessing Officer in the assessment order also. Admittedly, assessee has not filed the requisite details before ld.CIT(A). We however considering the fact that the issue regarding allowability of deduction u/s. 80P(2)(d) of the Act for the interest earned from Cooperative Banks is no longer res integra as th....

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.... 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 eligible for deduction u/s. 80P(2)(d) of the Act as Cooperative Banks are basically Cooperative Societies only but have turned into Bank on getting necessary banking license. 9. Respectfully following the above referred decisions taking consistent view along with considering the facts of the case, where the assessee made investment with the Cooperative Banks we hold that the assesse....