2024 (3) TMI 1546

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.... 2021-22, assessee preferred this appeal. 2. Brief facts of the case are that the assessee is a House Building Construction Co-Operative Housing Society, filed its return of income on 04/01/2022 for the assessment year 2021-2022 disclosing a net taxable income as NIL under the status of Co-operative Society. During this assessment year, assessee earned interest income from investments in nationalised banks. Accordingly, assessee claimed deduction under section 80P(2)(d) of the Act in respect of the above said income earned from co-operative banks while filing the return of income. While processing the assessment under section 143(1) of the Income Tax Act, 1961 (for short "the Act") Centralized Processing Centre, Bangalore disallowed the ....

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....have gone through the record in the light of the submissions made on either side. Issue involved in this matter is no longer res integra and the Hon'ble jurisdictional High Court considered the same in extenso in the case of The Vavveru Co-operative Rural Bank Ltd. (supra). On a threadbare analysis of the provisions under section 80P of the Act in the light of various decisions including the decision of the Hon'ble Apex Court in the case of Totgars Co-operative Sale Society Ltd. vs. ITO [2010] 188 Taxman 282 (SC) and the decision of jurisdictional High Court in the case of CIT vs. Andhra Pradesh State Co-operative Bank Ltd [2011] 12 taxmann.com 66 (Andhra Pradesh), the Hon'ble High Court reached a conclusion that if the investment is made i....