TMI Blog2022 (5) TMI 1445X X X X Extracts X X X X X X X X Extracts X X X X ..... a distinction between the long term investments and short term investments, the only requirement under the provisions of section 80P(2)(d) is that an interest income or dividend income should be earned by a co-operative society from another cooperative society. The provisions of section 80P does not provide for any distinction between income earned on long term and short term investments. Thus, the ld. CIT(A) clearly fell in error in drawing such distinction not supported by any statutory provisions in the Act. Therefore, the findings of the ld. CIT(A) contained in sub-para (e) of para 11 are set-aside. Therefore, the grounds of appeal filed by the assessee stands allowed. - ITA Nos. 61 & 62/PAN/2018 - - - Dated:- 10-5-2022 - SHRI INTUR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income of Rs.45,43,916/-. While doing so, the Assessing Officer had denied the exemption u/s 80P(2)(a)(i) by holding that the appellant society is a co-operative bank rejecting the contention of the appellant that it is not a co-operative bank but merely a co-operative society as it does not enjoy any banking license nor granted any license to do the banking business by the Reserve Bank of India. It is only engaged in accepting the deposits from its members and lending to its members. The Assessing Officer also made addition of Rs.1,26,610/- under the provisions of section 40(a)(ia) of the Act. 6. Being aggrieved by the above assessment order, an appeal was filed before the ld. CIT(A), who vide impugned order held that the appellant is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material on record. The solitary issue in the present appeal relates to the eligibility of exemption of income received from BDCC Bank and other banks under the provisions of section 80P(2)(d) of the Act. The ld. CIT(A) was of the opinion that the interest earned on long term investments i.e. deposits for period of more than one year received from BDCC Bank and other banks is not eligible for exemption u/s 80P(2)(d) of the Act. The ld. CIT(A) gave a specific finding vide sub-para (e) of para 11 of the impugned order that the appellant being a co-operative society is eligible for deduction u/s 80P(2)(d) on interest received from another cooperative society. Similarly, the interest received from SB accounts or other bank or schedule bank, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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