2026 (4) TMI 41

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....cer to which submissions were filed. However, ld. Assessing Officer completed the assessment proceedings making various additions totalling to Rs. 87,33,22,821/-. Against the additions made by the Assessing Officer assessee preferred appeal before ld.CIT(A) and partly succeeded. Now the Revenue is in appeal before this Tribunal raising four grounds of appeal to be dealt in the subsequent paragraphs. 3. Ld. Departmental Representative vehemently argued supporting the order of Assessing Officer. 4. On the other hand, ld. Counsel for the assessee referring to various paper books filed on 28.05.2024, 20.01.2026 and 12.02.2026 submitted that the issues raised by the Revenue in Ground No.1 and 4 are squarely covered by the decision of this Coordinate Bench in assessee's own case and for the issues raised in Ground Nos. 2 and 3 he fairly admitted that certain details have not been verified by ld. Assessing Officer inspite of the same being filed during the course of assessment proceedings and therefore if deemed appropriate the issues raised in Ground Nos. 2 and 3 may be restored to the file of ld. Jurisdictional Assessing Officer for afresh adjudication. 5. We have heard the riv....

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....acturing activity. However, ld. Counsel for the assessee has contended that these machineries have been acquired for increasing the manufacturing capacity. It is also submitted that some claim of additional depreciation is for the machineries purchased in the preceding financial year after 30.09.2016 and that 50% additional depreciation has been claimed during the year under consideration. It is also submitted that ld. Assessing Officer has wrongly alleged that assessee has not provided the details regarding the use of new plant and machinery whether it was used in manufacturing activity or packaging of milk. However, considering the prayer made by ld. Counsel for the assessee, we deem it appropriate to remit this issue to the file of ld. Jurisdictional Assessing Officer for afresh adjudication after duly considering the details of new plant and machinery acquired during the year and the purpose of purchasing of such machineries and thereafter decide the claim of additional depreciation in accordance with law. Needless to mention that ld. JAO shall provide reasonable opportunity of hearing to the assessee. Ground No.2 raised by the Revenue is allowed for statistical purposes. 9.....

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....n of sub-section (4) of Sec. 80P, vide the Finance Act, 2006, with effect from 01.04.2007, the provisions of Sec. 80P would no more be applicable in relation to any co-operative bank, other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. However, at the same time, this appellate authority is not able to subscribe to such amendment jeopardising the claim of deduction of a co-operative society under Sec. 80P(2)(d) in respect of its interest income investments/deposits parked with a co-operative bank. It is obvious that as long as it is proved that the interest income is being derived by a cooperative society from its investments made with any other co-operative society, the claim of deduction under the aforesaid statutory provision, viz. Sec. 80P(2)(d) would be duly available. The term cooperative society" had been defined under Sec. 2(19) of the Act, as under:-* (19) "Co-operative society" means a cooperative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any state for the registration of cooperative societies;" 14.1. Though....

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....TA 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 with Cooperative Banks. This fact has been accepted by the Assessing Officer in the assessment order also. Admittedly, assessee has not filed the requisite details before ld.CIT(A). We however considering the fact that the issue regarding allowability of deduction u/s.80P(2)(d) of the Act for the interest earned from Cooperative Banks is no longer res integra as the very same issue has been decided by this Tribunal in catena of decisions and in assessee's own case for A.Y. 2020-21 holding that the assessee is eligible for deduction u/s.80P(2)(d) of the Act as the Cooperative Banks are basically Cooperative Societies. For the sake of brevity, the finding given in ITA No.2471/PUN/2024 is reproduced below: "7. We have heard both the sides and perused the record placed before us. In the instant case, the Assessing Officer disallowed t....