Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 870 - AT - Income TaxDeduction u/s.80P - Savings and Fixed Deposits with Co-operative Bank - whether the assessee is eligible for deduction u/s 80P(2)(d) where the deposits were made in the co-operative banks? - assessee contends that the co-operative bank is akin to that of the co-operative society which is registered under the Co-operative Society’s Act or under any other law for the time being enforce - HELD THAT:- The assessee has relied on the decision of co-ordinate bench in the case of Kaliandas Udyog Bhavan Premises Cooperative Soceity [2018 (4) TMI 1678 - ITAT MUMBAI] which has considered the decision of the Totgars Co-operative Sales Society Ltd. [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] and also the decision of State Bank of India [2016 (7) TMI 516 - GUJARAT HIGH COURT] wherein it was observed that the interest income earned by a cooperative society on its investments held with a co- operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. The assessee’s case is similar to the above mentioned decision of the co-ordinate bench which has distinguished the facts with the decision of Totagars Co-operative Sales Society (supra) case. For the foregoing reasons, we are of the view that the ld. CIT(A) was not justified in confirming the action of the A.O. From the above observation and by respectfully following the above said decision, we are inclined to allow the appeal filed by the assessee which is on identical facts as that of the above cited decision. Appeal filed by the assessee is allowed.
|