2024 (8) TMI 1734

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..../2023 wherein appeal filed by the assessee against the assessment order passed under section 143 (3) read with section 144 of The Income Tax Act (The Act) dated 27/9/2022 by The Assessment Unit, Income Tax Department ( The learned AO) determining the total income of the assessee at Rs. 8,602,500/- denying the deduction under section 80 P (2) (d) of the act, was dismissed 2. Assessee is aggrieved with that and has preferred this appeal claiming that the assessee should be allowed the deduction under section 80 P (2) (d) of the act on the interest income earned by a cooperative housing society on investment and dividend received from cooperative banks. 3. Brief facts of the case show that :- a. the assessee is a housing co-oper....

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....4B of the income tax act on 27/9/2022. 5. Aggrieved by that, assessee preferred an appeal before the learned CIT - A wherein the order of the learned assessing officer was confirmed. Therefore, the assessee is in appeal before us. The solitary ground of the appeal is disallowance of deduction claimed under section 80 P (2) (d) of Rs. 8,602,497. 6. The learned authorized representative submitted that assessee being a cooperative housing society has earned the interest income from cooperative banks which are in fact cooperative societies and therefore the assessee should be entitled to deduction under section 80 P (2) (d) of the act. Several judicial precedents were cited before us. 7. The learned departmental representative vehement....

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....ny other cooperative societies the whole of such income is deductible. f. According to the provisions of section 80 P (4) it is also provided that this section shall not apply in relation to any cooperative banks. Therefore, if the assessee is a cooperative bank the deduction under section 80 P is denied. g. Admittedly the assessee is not a cooperative bank and therefore the provisions of section 80 P (4) does not apply to the assessee. h. Now it is to be seen whether the assessee's claim falls under the clause (d) of subsection 2 or not. It is also a fact that all these banks are the cooperative societies under the Maharashtra cooperative societies act. They are cooperative societies carrying on the business of t....