TMI Blog2017 (12) TMI 1639X X X X Extracts X X X X X X X X Extracts X X X X ..... hich favours the assessee must be adopted. By applying the said principle, the view taken in KANGRA CO-OPERATIVE BANK LTD. [2008 (8) TMI 193 - HIMACHAL PRADESH HIGH COURT] which is in favour of the assessee, is required to be adopted in this case. Accordingly hold that the interest income earned by the assessee from Co-operative banks, which are basically co-operative societies carrying on banking business, is deductible u/s 80P(2)(d) - decided in favour of assessee. - I.T.A. No. 5435/Mum/2017 And I.T.A. No. 5436/Mum/2017 - - - Dated:- 8-12-2017 - Shri B.R. Baskaran (AM) For The Assessee : Shri Rishabh Shah And Shri Suchak Anchaliya For The Department : Ms. N. Hemalatha ORDER Both the appeals filed by the revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im of the assessee in both the years by following the decision rendered by Hon ble Karnataka High Court in the case of PCIT vs. Totagars Co-operative sale society (2017)(392 ITR 74), wherein the Hon ble Karnataka High Court had held that the co-operative banks are cooperative societies. Aggrieved, the revenue has filed these appeals. 5. The Ld D.R submitted that the Hon ble Karnataka High had delivered the decision reported in 392 ITR 74 on January 5, 2017. However, in its subsequent decision in the case of very same assessee, the Hon ble Karnataka High Court has taken a different view, viz., in the case of The Principal CIT Vs. The Totagars Co-operative Sale Society (Income tax Appeal No.100066 of 2016 others dated 16-06-2017). The Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -operative society can be of different nature, and can be involved in different activities; the Cooperative society Bank is merely a variety of the Co-operative Societies. Thus the Co-operative Bank which is a species of the genus would necessarily be covered by the word Cooperative Society ....... Admittedly, the interest which the assessee responded had earned was from a Co-operative Society Bank. Therefore, according to Sec. 80P(2)(d) of the I.T Act, the said amount of interest earned from a Co-operative Society Bank would be deductible from the gross income of the Co-operative Society in order to assess its total income. 8. However, the very same Hon ble Karnataka High Court in the very same assessee s case in ITA No.100066 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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