2026 (3) TMI 354

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g the disallowance of deduction of Rs. 10,89,512/- u/s 80P(2)(d) of the Act. 3. At the outset Ld. Counsel for the assessee placing reliance on the decision of this Tribunal in the case of M/s Maharashtra JPAHPECCS Pvt. Ltd. in ITA 1021/PUN/2025 dated 16.06.2025 submitted that this Tribunal is consistently holding that interest and dividend received from co-operative Banks is eligible for deduction u/s 80P(2)(d). 4. Ld. Departmental Representative (DR) supported the order of the Ld. CIT(A). 5. We have heard rival contentions and perused the record placed before us. In the assessment proceedings of assessee which is a co-operative society for A.Y. 2018-19 completed on 23.02.2021, Ld. AO has disallowed the deduction u/s 80P(2)(d) of t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erative Banks is eligible for deduction u/s. 80P(2)(d) of the Act. Recently, this Bench in the case of Annapurna Nagari Sahkari Pathsanstha Maryadit Yawal Vs. ITO in ITA No. 313/PUN/2025, order dated 07.05.2025 has allowed the deduction claimed by the assessee u/s. 80P(2)(d) of the Act observing as under : "5. We have heard the rival submissions and perused the record placed before us. There is no dispute to the fact that assessee has earned interest income of Rs. 1,02,95,103/- from deposits/investments twith Cooperative Banks. This fact has been accepted by the Assessing Officer in the assessment onter also. Admittedly, assessee has not filed the requisite detala before Id. CIT(A). We however considering the fact That the issue re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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. ITῸ in ΠΑ 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 abov....