TMI Blog2015 (2) TMI 1094X X X X Extracts X X X X X X X X Extracts X X X X ..... ly his mind at all. Now coming to the question as to whether the interest on deposits earned by a Co-operative Society, where such deposits were with a Co-operative Bank, we are of the opinion that restrictive interpretation given by the learned CIT(A) to section 80P(2)(d) was not warranted by it wordings. This Tribunal in the case of Bagalkot District Central Co-operative Bank [2015 (1) TMI 1005 - ITAT BANGALORE ] had held that a Co-operative bank which is also a Co-operative Society cannot be excluded from the purview of benefits available to a Cooperative Society , unless the provisions of the Act so stipulate. No doubt in the said decision, the Tribunal was considering the application of Section 194A(3)(v) of the Act, wherein it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived by it on its deposits with Cooperative Banks. As for the learned CIT this claim ought not have been accepted. Learned CIT held that Section 80P(2)(d) could not be so liberally interpreted so as to construe a Co-operative bank also as a Cooperative Society. Though the assessee argued that M/s Kanara District Co-operative Bank, wherein it had placed its deposits was registered as a Co-operative Society under section 9 of the Co-operative Societies Act, 1912 (Act No.2 of 1912) it did not find favour with the CIT. He held the assessments done to be erroneous and prejudicial to the interest of the revenue, on this count. 3. Now when the matter came up before us, learned counsel for the assessee, submitted that the Tribunal in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t restrictive interpretation given by the learned CIT(A) to section 80P(2)(d) was not warranted by it wordings. Section 80P(2)(d) is reproduced hereunder:- in respect of any income by way of interest or dividends derived by the C-operative Society from its investments with any other Co-operative society, the whole of such income'. This Tribunal in the case of Bagalkot District Central Co-operative Bank had held that a Co-operative bank which is also a Co-operative Society cannot be excluded from the purview of benefits available to a Cooperative Society , unless the provisions of the Act so stipulate. No doubt in the said decision, the Tribunal was considering the application of Section 194A(3)(v) of the Act, wherein it was ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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