2025 (4) TMI 2002

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....lly in law, the Ld CIT(A) has erred by confirming disallowance of deduction u/s 80P(2)(d) of Rs. 8,42,509/-, being interest income from Co-operative Banks which are also Co-operative Society, without appreciating the factual and legal submission made and wrongly interpreting the provision the said section and ignoring established judgements/cases. 2. In the facts and circumstances of the case and in law, the Ld CIT(A) has erred in mixing up and mis-interpreting the law and provisions of sec 80P(2)d vis-a-vis 80P(4) of Income Tax act 1961, ignoring the status and nature of the appellant and thereafter denying benefit of Sec. 80P(2)(d) to the appellant 3. In the facts & circumstances of the case and in law, the Ld CIT(A) err....

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....se of Ashok Tower D Cooperative Housing Society Ltd., Vs. ITO [2024] 163 taxmann.com 598 (Mum). 6. On the other hand, Ld. DR representing the respondent relied upon the orders passed by the revenue authorities. 7. We have heard the counsels for both the parties, perused the material placed on record, judgements cited before us and also the orders passed by the revenue authorities. Ld. AR submitted that the issues in the present appeal are fully covered by the decision of coordinate bench of ITAT in case of Ashok tower "D" Co. Op. Housing Society Ltd. Vs. ITO, reported in [2024] 163 taxmann.com 598 (Mumbai-Trib), where in it was held that assessee co-operative housing society was eligible for deduction u/s 80P(2)(d) in respect of inter....

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....ssessee has made investment in another cooperative society copy then this deduction is allowable. Therefore according to the if amount is not investment cooperative society, the deduction is not eligible. The reden to the AO if the count is investment in a cooperative bank which is different from cooperative societies or the says that cooperative societies and therefore the assessee is not entitled to deduction under section 80P(2)(d) of the Act. 12. Section 2(19) of the act defines cooperative society means a cooperative society registered under the Cooperative societies act, 1912 or under any other law for the time being in force in any State for the registration of cooperative societies. Thus if the cooperative banks are falling....