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2023 (7) TMI 904 - AT - Income TaxDeduction u/s 80(P)(2)(d) - Interest income earned on investment in Fixed Deposit with a cooperative bank. - intimation u/s 143(1) disallowing deduction - HELD THAT:- The decision of case of Totagars Cooperative Sale Society Ltd.[2010 (2) TMI 3 - SUPREME COURT] the principle laid down was elaborately taken into account in case of Mavilayi Service Cooperative Bank Ltd.[2021 (1) TMI 488 - SUPREME COURT] The Hon’ble Apex Court categorically stated that the cooperative societies which earned interest income on its investment made with cooperative bank would be eligible for claim of deduction u/s 80P(2)(d) - Thus, the interpretation given by the CIT(A) while dismissing the appeal of the assessee is not correct and therefore, in light of the decision of the Hon’ble Apex Court in case of Mavilayi Service Cooperative Bank Ltd. (supra) is applicable in the present case. Hence, the appeal of the assessee is allowed.
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