2026 (1) TMI 1482

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....f the Act. 2. Assessee has raised solitary ground which reads as follows: "On the facts and circumstances of the case and in law the CIT(A), NFAC erred in confirming the action of the AO of denying deduction under section 80P in respect interest earned by the appellant society on deposits with other cooperative banks, not accepting the submission of the appellant in this respect. The appellant prays that the AO be directed to delete the addition." 3. Facts in brief as emanating from the record are that the assessee is a registered Cooperative Society engaged in providing credit facilities to its members and has not filed the regular return of income for A.Y. 2015-16. Based on the information gathered by the departmen....

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.... is whether the interest amount of Rs. 1,52,829/- earned by the assessee out of the deposits kept with Cooperative Banks is eligible for deduction u/s. 80P of the Act. 6. Before me, ld. Counsel drew my attention to the various decisions filed in the paper book allowing the interest earned out of the deposits kept with Cooperative banks u/s. 80P(2)(d) of the Act. He submitted that the assessee's case is squarely covered by plethora of decisions passed by this Tribunal on this very issue and therefore prayed for deleting the disallowance. On the other hand, ld. Departmental Representative supported the orders of the lower authorities. 7. There is no dispute that the assessee is a registered cooperative society and is providing credit fa....