TaxTMI 
TaxTMI 
2025 (7) TMI 1377
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....t Year 2020-21, date of order 17/10/2023. The impugned order emanated from the order of the Assessment Unit, Income-tax Department (in short, the "Ld. AO") passed under section 143(3) of the Act read with section 144B of the Act, date of order 26/09/2022. 2. The revenue has taken the following grounds: - "1. "Whether on facts and in the circumstances of the case and in law, the learned CIT(A) was correct in allowing deduction of Rs. 55,31,05,883/- under section 80P of the Income Tax Act, 1961 to the assessee by holding that the assessee is a cooperative society and not a cooperative bank and is entitled for deduction u/s 80P of the Income Tax Act, 1961 without, appreciating the fact that the assessee society is neither a primary....
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....kari Coperative Bank Interest on deposits with Co-operative Bank 1,35,06,879 4 Saraswat Bank Limitd Interest on deposits with Co-operative Bank 334,37,248 5 Karad Bank Limited Interest on deposits with Co-operative Bank 1,78,75,385 6 Bharat Co-operative Bank Limited Interest on deposits with Co-operative Bank 5,62,04,739 7 Abhyudaya Co-operative Bank Limited Interest on deposits with Co-operative Bank 1,184 8 Thane Bharat Sahakari Bank Interest on deposits with Co-operative Bank 48,46,121 9 Shamrao Vithal Co-operative Bank Interest on deposits with Co-operative Bank 4,01,43,188 10 Hindustan Bank Interest on deposits with Co-operative Bank 5,54,163 1....
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....h other co-op. banks 4,500 26 BANK Interest earned by branches of assesse on deposits with other co-op. banks 84,249 27 Mumbai District Central Cooperative Bank Interest on deposits with Co-operative Bank 3,167 28 BANK A/C (CD) Interest earned by branches of assesse on deposits with other co-op. banks 9,866 29 Raigad District Central Co-operative Bank Limited Interest on deposits with Co-operative Bank 7,54,275 TOTAL 53,31,05,584 On perusal of the above details, it is noted that the entire disputed interest from the outside deposits/investments has been earned from various co-operative banks/societies only. Therefore, deduction u/s Sec, 80P(2)(d) of the I.....
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....Ltd v. ACIT [2022] 140 taxmann.com 602 (Gujarat) wherein the deduction of 80P(2)(d) were not allowed to the appellant. The Ld. AR distinguished that inference drawn in the instant matter as compared to the matter relied upon by Ld.CIT(A) in pronouncement of his Order. In the matter of Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd (supra) the facts were that the Appellant had received interest income from both Co-operative Banks as well as Nationalised Bank and the same was claimed as deduction u/s 80P(2)(d). Whereas in the instant case, the assessee has received interest only from Co operative Banks. Section 80P(2)(d) provides for deduction of interest received by a Co-operative Society from another Co-operative Society. A Co-operati....
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....e to the cooperative societies on the income earned as interest on the investment made with the cooperative bank which in turn, is a cooperative society itself. In the matter of PCIT v. Shree Madhi Vibhag Khand Udyog Sahakari Mandli Ltd [2025] 171 tomann.com 22 (Gujarat), wherein it was held that the appellant being a cooperative society, earning interest on investment made with a cooperative bank and claiming deduction under section 80P(2)(d), deduction was to be allowed under section 80P(2)(d). 8. Further the Ld. AR respectfully relied on the order of the Hon'ble Supreme Court in PCIT Vs Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited, Civil Appeal No. 8719/2022 dated 20/04/2023 it is held that, "......
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....Ltd iii) (2014) 59 Taxmann.com 97 (Bang Trib) Bagalkot District State Govt. Employees Co-op Credit Soc. Ltd. iv) (2014) 60 Taxmnn.com 163 (Hyderabad Trib)-Metrocity Criminal Courts Employees Mutually Aided Co-op. Credit Society v) (2014) 52 Taxmann.com 104 (Bang. Trib) Shree Laxmananda Multipurpose Co-op Soc. Ltd. vi) ITA no.644/Mum/2017 (Assessment Year: 2013-14) Income Tax Officer Ward- 20(2)(2), Mumbai vs M/s. Mazgaon Dock Employees Co. Op. Credit Society Ltd dated 27.06.2018 vii) LT.A. No. 3048/Mum/2016 (Assessment Year: 2012-13) ITO 20(2)(2) vs M/s Mazgaon Dock Employees Co-op. Credit Society Ltd. dated 28/02/2018 viii) ITA No.62/MUM/2024 Assessment Year 2017-18 & ITA No. 165/MUM/20....