TaxTMI 
TaxTMI 
2025 (9) TMI 223
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....65 days and 327 days respectively. Assessee has filed affidavits explaining the delay. The reason for delay in filing the appeals is same and therefore we proceed to reproduce the reasons given for A.Y.2017-18 and the same reads as follows: "1. I am a Chairman of Subhash Samudayik Sahakari Shetki Sangh Ltd Pune, At Post Manjari, Tal: Haveli, Dist Pune since December 2024. 2. Subhash Samudayik Sahakari Shetki Sangh Ltd Pune is a Cooperative Society registered under Maharashtra Cooperative Society Act 1960 and rules thereunder. 3. The Society is formed for the main objects of ensuing carrying out agricultural activities on cooperative principles and providing benefits to the farmers. The Society has members who are farmers and provides various facilities to its farmer members. 4. Farmers are members, having very limited knowledge in the field of Account finalisation, various laws applicable to the society i.e. Income Tax Act 1961 etc. 5. The appellant has filed the return of income for AY 2017-18 declaring income of Rs. 13,55,580/- after claiming deduction u/s 80P of Rs. 26,88,676/-. Scrutiny Assessment was taken up under CASS for the veri....
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....C 107 and in the case of Inder Singh Vs. State of Madhya Pradesh judgment dated 21.03.2025 (2025 INSC 382). 5. First, we take up ITA No.160/PUN/2025. In this appeal, assessee is aggrieved with the revisionary order passed u/s. 263 of the Act. Ld. Counsel for the assessee fairly admitted that assessee failed to appear before ld.PCIT. She submitted that the only reason for giving rise to revisionary proceedings was regarding verification of claim of deduction u/s. 80P of the Act at Rs. 26,88,676/-. She submitted that necessary details were filed before the ld. Assessing Officer in reply to notice issued u/s. 142(1) of the Act. She also submitted that deduction u/s. 80P of the Act comprise of the deduction u/s. 80P(2)(d) for the interest and dividend earned from cooperative banks amounting to Rs. 26,38,676/- and deduction u/s. 80P(2)(c) at Rs. 50,000/- and the said claim has been duly verified by ld. Assessing Officer. She thus prayed that considering the facts of the case the revisionary proceedings deserves to be quashed. 6. On the other hand, ld. Departmental Representative supported the orders of the lower authorities. Ld. DR submitted that ld. Assessing Officer erred in all....
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.... Rs.26,88,676/- Documentary Evidences like Certificate from PDCC Bank regarding Interest and Dividend income is attached. 4. Furnish complete details of deposits for the year under consideration with complete supporting evidences. Complete Details of Deposits from Members And also Deposits from Mangal Karyalay for the year is Attached. 5. Furnish copy of interest certificates for total interest of Rs. 26,88,676/-received for the year under consideration. Interest Certificate of Total Interest of Rs. 26,19,223/- received for the year is Attached. 6. Please submit complete list of your members. Complete list of Members is Attached. 7. Please furnish details of the members of the society from whom you have received interest for the year under consideration. No such interest received from the members of the society for the year. 8. Please justify that you have invested your money for the activities of the society for making deposits. Submit necessary evidences in respect of your submissions. The Society invested deposit money in the activities of the society in the past. 9. Please furnish copy of bye-laws of the society. Copy ....
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....respect of any income by way of interest or dividend derived by Cooperative Society from its investment with any other Cooperative Society, the whole of such income is eligible for deduction u/s. 80P of the 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 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 cons....