TaxTMI 
TaxTMI 
2026 (8) TMI 1433
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....e, at the outset, submitted that the issue is squarely covered by the decision of the coordinate bench of the Tribunal in assessee's own case in ITA No. 5416/Mum/2024, dated 24.02.2025, for the assessment year 2021-22, a copy of which is placed on record. Learned Counsel for the assessee submitted that the very same issue has been decided in favour of the assessee by the coordinate bench of the Tribunal in assessee's own case even for the assessment year 2013-14 in ITA No. 263/Mum/2018, dated 09.03.2018, and a copy of which is placed on record. Referring to paragraph 8 at page 4 of this decision, learned Counsel submitted that the Tribunal has set aside the order of the learned CIT(A) and directed the Assessing Officer to allow dedu....
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....ue is already decided in favour of the appellant vide above order in his own case. Apart from this, Ld. AR of the appellant has filed a legal paper book in which he relied on the decision rendered in his own case in A.Y. 2020-21, where the appellant society got relief and in this order, the coordinate Bench placed reliance of Hon'ble Supreme Court in the case of Mavilayi Services Cooperative Bank Ltd. (431 ITR 1) (SC). The appellant society placed reliance on the decisions of Coordinate Benches viz., PCIT Vs. Ashvin Kumar Arban Cooperative Society Ltd. (168 taxman.com 314), Kaliandas Udyog Bhavan Premises Cooperative Society Ltd. (ITA No. 6547/Mum/2017), Ashok Tower "D" Cooperative Housing Society Ltd. Vs. ITO (163 taxmann.com 598), Sai....
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.... 80P(2)(d) of the Act in respect of interest earned from co- operative banks. 6. The facts in brief are that the assessee is a co-operative housing society. It derives income by way of subscription, service charges etc from members and interest income from savings and fixed deposits kept with various banks. The assessee claimed that the interest earned from co-operative banks is deductible u/s. 80P(2)(d) of the Act. Since the provisions of sec. 80P(4) has withdrawn deduction u/s. 80P to co-operative banks, the AO held that the assessee cannot avail deduction of interest earned on deposits with co- operative banks u/s. 80P of the Act. The Ld. CIT(A) also confirmed the same. 7. We notice that an identical issue was considere....
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....ein the Hon'ble Karnataka High Court had held that the co-operative banks are co- operative societies. Aggrieved, the revenue has filed these appeals. 5. The Ld D.R submitted that the Hon'ble Karnataka High had delivered the decision reported in 392 ITR 74 on January 5, 2017. However, in its subsequent decision in the case of very same assessee, the Hon'ble Karnataka High Court has taken a different view, viz., in the case of The Principal CIT Vs. The Totagars Co-operative Sale Society (Income tax Appeal No.100066 of 2016 & others dated 16-06-2017). The Hon'ble Karnataka High Court has expressed the view that the interest income earned from co-operative banks is not different from the interest earned from Scheduled ....
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....operative Societies. Thus the Co-operative Bank which is a species of the genus would necessarily be covered by the word "Co-operative Society"....... Admittedly, the interest which the assessee responded had earned was from a Co-operative Society Bank. Therefore, according to Sec. 80P(2)(d) of the I.T Act, the said amount of interest earned from a Co-operative Society Bank would be deductible from the gross income of the Co-operative Society in order to assess its total income." 8. However, the very same Hon'ble Karnataka High Court in the very same assessee's case in ITA No. 100066 of 2016 & others dated 16-06-2017 has taken the view that the interest income earned by a co-operative society from a co-operative ba....