2026 (5) TMI 1259

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....2024 for the Assessment Years 2017- 18, 2018-19 & 2020-21. Since the issues involved in all the appeals are common and identical, we extract the grounds of appeal raised in ITA No.871/Ahd/2024 for Assessment Year 2017-18 for the purpose of adjudication. The decision rendered in the said appeal shall apply mutatis mutandis to the other appeals bearing ITA No. 872- 873/Ahd/2024 for Assessment Years 2018-19 & 2020-21. ITA No.871/Ahd/2024 for Assessment Year 2017-18 2. The Assessee has taken the following ground of appeal:- 1. The order passed by the Ld.CIT(A) is bad and illegal as it is in violation of principle of natural justice. 2. The Ld.CIT(A) has erred in law & on facts in upholding addition made u/s. 56 of the Ac....

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...., a cooperative society, from investment made with a cooperative bank under section 80P(2)(d) which was erroneous and prejudicial to Interest of revenue Tribunal reversed Principal Commissioner's order holding that cooperative bank was a cooperative society registered under Gujarat State Cooperative Societies Act and, therefore, interest earned by assessee from said bank was eligible for deduction under section 80P(2)(d) - Whether deduction under section 80P(2)(d) is available to cooperative societies on income earned as interest on investment made with cooperative bank which in turn, is a cooperative society itself - Held, yes - Whether exclusion of applicability of section 80P to cooperative banks by section 80P(4) would not disentitl....

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....made by the Karnataka High Court to the effect that the cooperative banks have been excluded from the definition of the cooperative societies by Finance Act, 2015 by amending section 194A(3)(v) is concerned, on perusal of section 194A (3), it appears that it provides for exemption from deducting Tax Deducted at Source from the income on interest other than interest on securities as the cooperative societies other than cooperative banks meaning thereby that the cooperative banks are liable to deduct TDS from the interest other than interest on securities. Therefore it cannot be said that cooperative banks are excluded from the definition of cooperative societies by such an amendment. [Para 29] * Moreover, as reliance placed on the a....