TMI Blog2013 (8) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... ntemplated in Sec. 80P(1) of the Act. We, therefore, hold that the interest received on the deposit with the Aurangabad District Central Cooperative Bank by the assessee on the deposits are squarely covered u/s. 80P(1)(d) and the interest received on deposit kept with the Aurangabad District Central Co-operative Bank is an allowable deduction. - Decided against revenue - ITA No. 1047/PN/2012 - - - Dated:- 26-8-2013 - SHRI G. S. PANNU, ACCOUNTANT MEMBER AND SHRI R.S. PADVEKAR, JUDICIAL MEMBER Appellant By: Shri Anchal Sharma Respondent By: N O N E ORDER PER R.S. PADVEKAR, JM:- This appeal is filed by the revenue challenging the impugned order of the Ld. CIT(A), Aurangabad raising the grievance by taking the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o-operative Bank is deductable u/s. 80P(2)(d), the same was also rejected. One of the reason for rejecting the claim of the assessee u/s. 80P(2)(d) given by the Assessing Officer is that in view of Sub-section (4) of Sec. 80P, the deduction has withdrawn which was otherwise available and to the Cooperative bank and hence, the provision of Sec. 80P(2)(d) of the Act is not applicable to ADCCB, no deduction can be allowed u/s. 80P(2)(d). The Assessing Officer therefore, made the disallowance of ₹ 88.34 lacs which was in respect of interest on the deposit with Aurangabad District Central Co-operative Bank (ADCCB). 3. The assessee carried the issue before Ld. CIT(A). The Ld. CIT(A) accepted the plea of the assessee that the decision in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ... (b) . (c) . 2(d): In respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income; 5. Sub-sec. (4) of Sec. 80P has withdrawn the deduction to the cooperative bank other than primary agricultural credit society or a primary co-operative agricultural and rural development bank w.e.f. the A.Y. 2007-08. The said provision is applicable to the Aurangabad District Central Co-operative Bank (ADCCB) in which the assessee society has kept deposit. The withdrawal of deduction by insertion of Sub-section (4) of Sec. 80P does not change status of Aurangabad District Central Co-operative Bank as a co-operative society ..... X X X X Extracts X X X X X X X X Extracts X X X X
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