2025 (8) TMI 528

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....R DR. MANISH BORAD, ACCOUNTANT MEMBER : This appeal by the assessee pertaining to the Assessment Year 2017-18 is directed against the order dated 19.03.2024 passed by the Addl./JCIT(A)-4, Bengaluru [in short the "ld.CIT(A)"] Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') which inturn is arising out of the Assessment order passed u/s.143(3), dated 25.11.2019. 2.....

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....quality for deduction u/s.80P(2)(d) of the Act. Thus, he brought to tax the said interest income disallowing the deduction u/s.80P(2)(d) claimed by the assessee. 3. Aggrieved assessee preferred appeal before the ld.CIT(A) who vide impugned order upheld the disallowance made by the Assessing Officer. 4. Now the assessee is in appeal before the Tribunal. 5. At the outset, I find that the ap....

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....in the condonation petition and nothing contrary to disbelieve the averments made therein, I am of the view that there was 'reasonable cause' which prevented the assessee in filing the appeal before the Tribunal within the stipulated time. I therefore in the larger interest of justice condone the delay of 180 days in filing the appeal in light of decision in the case of Collector Land Acquisition ....

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....tion u/s.80P of the Act. I 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. I find that this Tribunal in case of Kolhapur District Central Co-op. Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd., Vs. ITO in....