9911796707
TMI Blog2021 (5) TMI 635X X X X Extracts X X X X X X X X Extracts X X X X ..... see involving one common issue which arose out of mutatis mutandis identical set of facts and circumstances, therefore, as a matter of convenience, these appeals were heard together and are being disposed off by way of this consolidated order. However, in order to understand the implication, it would be necessary to take note of the facts of one appeal. We are accordingly narrating the facts, as they appear in the appeal in ITA no.3870/Mum./2019, for assessment year 2013-14, the decision of which will be applicable to the appeal for A.Y. 2014-15 as well, since the issue involved is common in both the years under consideration, except variation in figures. ITA no.3870/Mum./2019 Assessment Year - 2013-14 3. The only ground raised in both t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht explanation from the assessee as to why the deduction claimed should not be disallowed and added back to the total income in view of the provisions of section 80P(2)(d) of the Act. In response, the assessee submitted its detailed reply dated 15th March 2016. After considering the submissions of the assessee in the context of Facts and material on record, the Assessing Officer rejected the submissions with the following reasons:- "1. The said interest income on from other co-operative banks is not eligible for deduction under section 80P(2)(d) since these banks are not a co-operative society in view of the definition contained in section 2(19) of the Act and in view of the provisions of section 80P(4) w.e.f. 01.04.2007, which provides t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O v/s Citiscape Co. Operative Housing Society Ltd., ITA no.5435-5436/ Mum./2017, A.Y. 2011-12 and 2012-13, order dated 8th December 2017 as well Kaliandas Udyog Bhavan Premises Co. Operative Society Ltd. v/s ITO, [2018] 94 taxmann.com 15 (Mum.)(Trib.) and held that the assessee would be entitled for claim of deduction under section 80P(2)(d) of the Act in respect of interest income earned by the assessee on the investments held with the Co-operative Bank and the Assessing Officer was not justified in disallowing the deduction. The learned Commissioner (Appeals) further noticed that the said amount of Rs. 2,09,07,669, is less than the gross total income of Rs. 2,13,29,796 and, therefore, the Assessing Officer was directed to allow the deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o.6139/Mum./2014, A.Y. 2010-11, order dated 27.09.2019; and iv) ITO v/s Eternity Co-operative Housing Society Ltd., ITA no. 6159/Mum./2017, A.Y. 2013-14, order dated 15.05.2018. 10. Copies of the aforesaid decisions are placed on record. The learned Counsel for the assessee accordingly prayed that based on the aforesaid Co-ordinate bench decisions, the order of the learned Commissioner (Appeals) be upheld. 11. Considered rival submissions and perused the material available on record including the case laws relied upon by the parties. We find that the issue in respect of deduction claimed in respect of interest income earned from Co-operative Banks under section 80P(2)(d) of the Act is squarely covered by the decisions relied upon by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Revenue for the assessment year 2014-15, except variation in figures. Since the issue of deduction claimed under section 80P(2)(d) of the Act in respect of interest income earned from Co-operative Bank is covered by the Co-ordinate Bench decisions (supra), consistent with the view taken therein as well as the decision taken in Revenue's appeal being ITA no.3870/Mum./2019, for A.Y. 2013-14, we uphold the order of the learned Commissioner (Appeals) by dismissing the ground raised by the Revenue for A.Y. 2014-15 also.
13. In the result, Revenue's appeal for A.Y. 2014-15 is also dismissed.
14. To sum up, both the appeals of the Revenue are dismissed.
Order pronounced in the open court on 13.05.2021 X X X X Extracts X X X X X X X X Extracts X X X X
|
