2026 (2) TMI 66

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.... case called for, none appeared on behalf of the assessee despite due service of notice of hearing. Even on the previous dates of hearing fixed on 03.09.2025, 25.09.2025 and 27.10.2025 there is no representation from the side of assessee. Today also, there is no one to represent the assessee. I therefore proceed to adjudicate the appeal with the assistance of ld. Departmental Representative and available material on record. 3. Facts in brief as emanating from the record are that the assessee is a Primary Credit Society registered under The Maharashtra State Cooperative Act, 1960 and is engaged in providing Agricultural loans to its Members. Its main source of income is interest earned on loans given to Members and interest on deposits ma....

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....ionate interest income from other banks. Actually Rs. 3.00 lakhs pertains to reversal of Interest Provision and interest earned from Investments with Kolhapur District Central Cooperative Bank at Rs. 8,06,158/- and interest on Fixed Deposits with other banks at Rs. 77,189/-. It is therefore claimed that entire interest income from Cooperative Banks is eligible for deduction u/s. 80P(2)(d) of the Act in light of Judgment of Hon'ble Apex Court in the case of Mavilayi Service Coop. Bank Ltd. Vs. CIT (2021) 1 TMI 488 (SC), decision of ITAT, Pune in the case of Vaibhav Nagari Sahakari Patsanstha Maryadit Vs. ITO and Judgment of Hon'ble Bombay High Court in the case of Quepem Urban Coop. Credit Society Ltd. (2021) 5 TMI 406 (Bom HC). 6. There ....