2025 (3) TMI 2270

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....ndar Vaidya - CA/ AR For the Revenue : Shri Rajesh Meshram, Sr. DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER; 1. These four appeals by the assessee are directed against the separate orders passed by the CIT(A)/ NFAC, Delhi of even date 24.12.2024 passed under section 250 of the Income Tax Act, 1961 ("the Act") for the Assessment Years (A.Y.) 2015-16,....

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....me, the assessee in its computation of total income claimed deduction of Rs. 46,06,594/- under section 80P(2)(d) of the Act, which consist of interest of Rs. 1,18,697/- received from the Maharashtra State Cooperative Bank and Rs. 44,88,043/-, received from Saraswat Cooperative Bank. The AO disallowed such deduction by taking view that co-operative banks are not fall under the purview of co-operati....

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....rated on various case laws relied upon by the learned AR of the assessee. We find that grounds of appeal raised by the assessee is in fact covered by a series of decision by this Bench as well as other Co-ordinate Benches of Tribunal wherein it has been consistently held that Co-operative Banks are primarily co-operative society and the interest or dividend earned from such Co-operative Bank are e....