TaxTMI 
TaxTMI 
2025 (12) TMI 912
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.... the assessment year (AY) 2017-18. 2. The grounds of appeal raised by the assessee are as under: "1. On the facts and in the circumstances of the case as well in law, the CIT (Appeals), Bhubaneshwar erred in upholding the order of the ITO, Ward 2(2)(5), Surat (for the sake of brevity "The AO") passed u/s 143(3) of the Act, without appreciating the past assessment "records" of the appellant co-operative society is purely on misleading, mis-conceptual, arbitrary and perverse observations and hence, being without jurisdiction, bad in law, in-valid, illegal, unwarranted of facts is liable to be quashed. 2. On the facts and in the circumstances of the case as well in law, both the lower authorities have erred in not allowing....
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....notices issued by CIT(A). Thereafter, the appellant consulted to Shri Akshay M. Modi, CA who changed the e-mail id in the ITD portal. After receipt of penalty notice u/s 271(1)(c) of the Act, the appellant informed its new tax consultant who advised to file appeal before the Tribunal. The learned Authorized Representative (ld. AR) of the assessee submitted that the delay was neither wilful nor intentional. He requested that the delay may be condoned in the interest of justice. 4. On the other hand, learned Senior Departmental Representative (ld. Sr. DR) for the revenue submitted that the Bench may decide the matter as it thinks fit. 5. We have heard both the parties on this preliminary issue and find that because of the mistake of the....
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.... deduction by holding that section 80P(2)(d) of the Act does not provide for deduction if interest income and dividend received by the assessee Co-op. society is from its investment with Co-op. Bank in view of the restriction provided in sub-section (4) of section 80P of the Act. The AO has discussed provisions of section 80P(2)(d) of the Act and relying on the decision in case of CIT vs. Bankimpur Club Ltd., 226 ITR 97 (SC) and CIT vs. Adarsh Hsg Co-op Soc. Ltd., 213 ITR 677 (Guj.), he held that co-operative bank is rightly excluded from availing the benefits of deduction u/s 80P of the Act. As per section 80P(2)(d) of the Act, the co-operative banks cannot be considered as co-operative societies. Accordingly, the AO disallowed the interes....
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....ged in the business of providing credit facilities to the agriculturist and loans to the member under the scheme, namely, Kishan Credit Card (KCC). The assessee society was registered under Gujarat Co-operative Societies Act, 1962. He submitted that both the lower authorities have disallowed the deducton u/s 80P(2)(d) of the Act by following the decision of Totagar Co-op. Sale Society Ltd. vs. ITO (supra). He submitted that the decision of Hon'ble Gujarat High Court in case of PCIT vs. Ashwinkumar Arban Co-op. Soc. Ltd., (2024) 168 taxmann.com 314 (Guj) has considered and distinguished the order passed by the Hon'ble Supreme Court in case of Totagars Co-operative Sales Society Ltd. (supra) and held that deduction u/s 80P(2)(d) is available ....
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....his Court in case of Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd. (supra) as well as in case of State Bank of India (supra) wherein it was held that the deduction of under section 80P(2)(d) of the Act is available 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. .............. 33. In view of the above dictum of law as well as the provisions of the Act which are considered we are of the opinion that the provisions of section 80P(2)(d) would be applicable in the facts of the case and the PCIT was not justified in invoking revisional powers under section 263 of the Act which is rightly reversed by the Tribuna....