TMI Blog2018 (10) TMI 933X X X X Extracts X X X X X X X X Extracts X X X X ..... The first appellate authority, while dismissing the appeals filed by the assessee for the assessment year 2013- 2014 and 2014-2015, had elaborately considered the distinction between the co-operative society and a cooperative bank. The CIT(A) had categorically concluded that Alappuzha District Co-operative Bank Ltd. is is co-operative Bank and not a co-operative society. This categorical finding of the CIT(A), was never dispelled before the Tribunal. Admittedly, when the interest income is received from a cooperative bank, the recipient co-operative society would not be entitled to deduction u/s 80P(2)(d) - decided against assessee. - ITA No.283/Coch/2018 And ITA No.284/Coch/2018 - - - Dated:- 15-10-2018 - Shri Chandra Poojari, AM A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 2013-2014 reads as follows:- 4.6 Therefore, in the light of the clarification issued by the CBDT, as above, it is evident that a Cooperative Bank will have registration under Cooperative Societies Act as well as under Banking Regulation Act. Consequently, the ADCB Ltd., which is registered under Cooperative Societies Act as well as under Banking Regulation Act, is a Cooperative Bank and not Cooperative Society. Hence, the interest income received from the ADCB Ltd is not eligible for deduction under section 80P(2)(d) of the Act. Therefore, the addition of ₹ 33,33,184 made by the Assessing Officer is confirmed and the grounds raised by the Appellant are dismissed. 5. The assessee being aggrieved by the CIT(A) s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 395 ITR 611 (Karn.) had categorically held that deduction u/s 80P(2)(d) of the I.T.Act is only for income received on investments with a Co-operative Society and not a Cooperative Bank. Whereas, earlier Bench of the Hon ble Karnataka High Court in the case of Principal Commissioner of Income-tax Anrs. v. Totagars Co-operative Sale Society [(2017) 392 ITR 74 (Karn.) had held that Co-operative Society includes a Co-operative Bank and interest earned from deposits with a Co-operative Bank is also entitled to deduction u/s 80P(2)(d) of the I.T.Act. 6.2 The provisions of section 80P(2)(d) of the I.T.Act are very clear. The benefit of this section is available only for the interest / dividend that are received by a co-operative society f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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