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2024 (2) TMI 243 - AT - Income TaxDeduction u/s 80P(2)(d) - interest income on fixed deposit made with the Cooperative Bank - assessee is a Cooperative Society claimed deduction u/s 80P(2)(d) inter-alia on the interest received from Bhopal Cooperative Central Bank as well as from Malwa Narmada Gramin Bank(MNGB) - CIT(A) allowed the claim of the assesse u/s 80P(2)(d) in respect of the interest received from Bhopal Co-operative Central Bank but confirmed the disallowance in respect of interest received from Malwa Narmada Gramin Bank for want of any information/details to show that the said bank is a Co-operative Society - HELD THAT:- As relying on Indore Pragatishil Sahakari Sakh Sanstha Maryadit [2024 (2) TMI 190 - ITAT INDORE] no error or illegality in the impugned order of the CIT(A) in allowing deduction u/s 80P(2)(d) of the Act on the interest received by the assessee from the deposit made in Bhopal Co-operative Central Bank. The revenue is devoid of any merits. Interest income received from MNGB - claim of the assesse was not allowed by CIT(A) for want of necessary details - assessee has stated that the assesse shall produce the necessary details before the AO to show that the said Co-operative Bank is a Co-operative Society and therefore, the interest received from the said bank is eligible for deduction u/s 80P(2)(d) - HELD THAT:- We are of the considered view that this issue required a proper verification and examination at the level of the AO. Accordingly the issue of deduction u/s 80P(2)(d) of the Act in respect of the interest received from MNGB is remanded to the record of the AO for fresh adjudication after verification and examination of the necessary record on the point whether the said Bank is Co-operative Society or not. In case the said bank is found to be a Co-operative Society registered under Co-operative Societies Act then the claim of the assesse u/s 80P(2)(d) of the Act is directed to be allowed. Appeal of the revenue is dismissed and CO of the assesse is allowed for statistical purposes.
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