TMI Blog2023 (10) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... IT vs. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Ltd.[ 2023 (5) TMI 372 - SC ORDER] that the assessee is eligible for deduction u/s 80P(2)(a)(i) of the Act. For allowability of exemption under the provisions of section 80P(2)(d) in respect of interest income earned by a cooperative society from the cooperative bank, there is a cleavage of judicial opinion among several High Courts on the issue of eligibility of this kind of income for exemption u/s. 80P(2)(a)(i) - As relying on M/S. RATNATRAY GRAMIN BIGAR SHETI SAH. PAT SANSTHA MARYADIT case [ 2018 (12) TMI 1926 - ITAT PUNE] the interest income earned on fixed deposits with cooperative bank/scheduled bank partakes character of the business income, which is eligible for deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a)(i) of the Act. 3. Being aggrieved, an appeal was filed before the NFAC, who vide impugned order confirmed the action of the Assessing Officer. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. It is submitted before me that the issue is decided in favour of the assessee by placing reliance on the several decisions of the Tribunal as well as the decision of the Co-ordinate Bench of this Tribunal in the case of Ichalkaranji Vyapari Sahakari Patsanstha Ltd. vs. ITO in ITA No.478/PUN/2023 for A.Y. 2020-21 dated 07.06.2023. 6. On the other hand, ld. Sr. DR placing reliance on the orders of the lower authorities submits that no interference is called for. 7. I heard the rival submissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Co-operative Thrift Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon ble Punjab Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the Act. However, the Hon ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon ble Telangana and Hon ble Andh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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