2025 (6) TMI 2086

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....nt : Shri Akhilesh Srivastva ORDER PER DR. MANISH BORAD, ACCOUNTANT MEMBER : The captioned appeal at the instance of assessee pertaining to A.Y. 2015-16 is directed against the order dated 28.03.2025 of National Faceless Appeal Centre, Delhi arising out of Assessment Order dated 29.12.2017 passed u/s. 143(3) of the Income Tax Act, 1961 ( in short 'the Act'). 2. The only grievance ....

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....a Cooperative Society and has earned interest of Rs. 1,48,18,262/- from the investments made with Cooperative Banks. Assessee has claimed deduction u/s.80P at Rs. 72,30,149/- which is less than the interest income from Cooperative Banks. This Tribunal is taking consistent view that interest income received from Cooperative Banks is also eligible for deduction u/s. 80P(2)(d) of the Act as the Coope....

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....ive banks at Rs. 4,15,27,813/-. We observe that since the cooperative banks are basically cooperative societies, therefore, the interest earned from cooperative banks are clearly eligible for deduction u/s 80P(2)(d) of the Act and this view has been consistently followed by the Co-ordinate Bench of Tribunal in plethora of decisions including that of Samarth Nagari Shakari Path Sanstha Maryadit (su....