TMI Blog2021 (3) TMI 812X X X X Extracts X X X X X X X X Extracts X X X X ..... y. The meaning of co-operative society cannot be taken differently for the investor and for the Institution (investee). The provisions of section 80P(4) specifically states that the provisions of this section will not apply to any co-operative bank. The plain meaning of which is that the same interpretation is to be given in case of an investor co-operative society and to the bank in which the investment is made. The Co-operative Bank cannot be given a different interpretation as an investee Bank. Two different meanings cannot be ascribed to the same word in the same provision. We hold that the assessee is not entitled to any deduction on interest income as per the provisions of section 80P(2)(d) of the Act. However, so far as the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit of the Act its members. 3. That the Ld. CIT(A) and A.O. have erred in law in law and on facts in holding the funds as surplus funds of the society when the society in accordance with its bye laws required to keep the corpus funds of ₹ 20 Crores with bank. 4. That the Ld. CIT(A) and A.O. have erred in law in law and on facts in holding that the Co-operative bank is not a Co-operative Society U/s 2(19) of the Act. 5. That the assessee craves permission to add, amend or delete any ground of appeal before the finalization of appellate proceedings. 3. At the outset, the Ld. counsel for the assessee has submitted that the assessee has been wrongly denied deduction u/s. 80P(2)(a)(i) of the Income Tax Act, 1961 (in sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken a specific plea in this respect before the Ld. CIT(A), however, the Ld. CIT(A) has failed to decide the same. 5. The next contention of the Ld. counsel for the assessee is that the assessee is otherwise eligible for deduction u/s. 80P(2)(d) of the Act. The relevant part of the said provisions for the sake of ready reference is reproduced as under:- 80P(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. 6. The Ld. counsel for the assessee has submitted that since the assessee had made investments/deposits of surpluses with a cooperative bank, which otherwise is a Cooperative Society, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is that the same interpretation is to be given in case of an investor co-operative society and to the bank in which the investment is made. The Co-operative Bank cannot be given a different interpretation as an investee Bank. Two different meanings cannot be ascribed to the same word in the same provision. 9. In view of this, we hold that the assessee is not entitled to any deduction on interest income as per the provisions of section 80P(2)(d) of the Act. However, so far as the claim of the assessee that the assessee is entitled to deduction us 80P(2)(a) is concerned, the said issue has not been looked into by the Ld. CIT(A) despite a ground in this respect taken by the assessee before the Ld. CIT(A). 10. In view of this, the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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