9911796707
TMI Blog2020 (2) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... redit Society Ltd.) and orders dated 30.9.2016 and 15.6.2017 for the Asstt.Year 2013-13 and 2014-15 (in the case of the Lunawada Taluka Primary School Teachers Coop. Credit Society). 2. The ld. counsel for the assessee at the very outset submitted that ITA No.97/Ahd/2017 was decided by the Tribunal vide order dated 10.5.2018. Thereafter, the assessee has filed an MA bearing no.263/Ahd/2018 pleading therein that ground no.5 in respect of allowability of deduction of interest income derived by the assessee from deposits made with cooperative bank and society under section 80P(2)(d) was not decided by the Tribunal. The Tribunal has allowed this MA and restored this ground for adjudication afresh. In this way, we take all these three appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om scheduled bank, its net interest income ought to be disallowed. If any expenditure relatable to earning of such interest income, deserves to be set off against the interest income, and thereafter, net is to be excluded from the deduction. As far as interest income from cooperative bank/society is concerned, this issue is covered in favour of the assessee by various decisions. She relied upon latest order of the Tribunal passed in ITA No.1132/Ahd/2018 in the case of Sahyog Co-op. Credit Society Ltd. The Tribunal has decided this appeal on 29.11.2019. While dealing with this issue, the Tribunal has decided as under: "6. As regards Ground No.3, it concerns eligibility of deduction claimed under s.80P(2)(d) of the Act on account of intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , for the Asstt.Year 2013-14 in the account of the society, the interest income under section 80P(2)(d) from the cooperative bank is of Rs. 35,71,014/-. She prayed that these income be allowed as deduction under section 80P(2)(d) of the Act. In the case of Vir Transport Operators Co-op Credit Society, such amount has been quantified at Rs. 2,91,959/-. 6. The ld.DR on the other hand, relied upon orders of the Revenue authorities, and submitted that the assessee is not entitled for deduction on interest income from scheduled bank as well as cooperative bank under section 80P(2)(a)(i) as well as under section 80P(2)(d) of the Act. 7. On due consideration of the above facts and circumstances, we are of the view that as far as the issue rega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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