TMI Blog2021 (10) TMI 950X X X X Extracts X X X X X X X X Extracts X X X X ..... es on the same and had duly applied his mind on the eligibility of assessee for claiming deduction u/s 80P of the Act by taking due cognizance of the fact that the assessee is a registered co-operative housing society deriving interest income from deposits kept with co-operative banks. AO had even applied his mind that in respect of interest income derived from public sector banks (viz Bank of Baroda and Bank of India), the assessee would not be entitled for deduction u/s 80P of the Act as the same is eligible for only for interest derived from co-operative bank. Hence in our considered opinion, the conclusion of the ld PCIT that no enquiries were indeed carried out by the ld AO cannot be accepted and hence the revision order passed by h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Net profit as per profit and loss account (-) 39,46,245 Add: Other disallowance u/s 36 39,46,245 Business Income Nil 3.1. Apart from this, the assessee had declared income from other sources of ₹ 25,46,867/- and had declared total income of ₹ 1,83,478/- after claiming deduction u/s 80P of the Act to the tune of ₹ 23,63,389/- in the return of income. The tax payable on the total income is covered by the TDS credit available with the assessee. The details of income from other sources are as under:- a)Interest on deposit with ShamraoVithal Co-op Bank Ltd - 1,01,992 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he paper book filed before us. We find that the details were duly submitted by the assessee and the ld AO on examination of the same ,while framing the scrutiny assessment u/s 143(3) of the Act dated 29.6.2017 made an addition of ₹ 7,22,049/- (5,44,630 + 1,77,419) in respect of interest income derived by the assessee from Bank of Baroda and Bank of India as admittedly the same were not derived from a Co-operative Bank. We find that the ld AO held that in the case of an assessee, being a co-operative housing society, interest earned from a co-operative bank alone would be eligible for deduction u/s 80P of the Act . The ld AO also placed reliance on the decision of this tribunal in assessee s own case for the Asst Year 2010-11 in ITA No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due cognizance of the fact that the assessee is a registered co-operative housing society deriving interest income from deposits kept with co-operative banks. Infact the ld AO had even applied his mind that in respect of interest income derived from public sector banks (viz Bank of Baroda and Bank of India), the assessee would not be entitled for deduction u/s 80P of the Act as the same is eligible for only for interest derived from co-operative bank. Hence in our considered opinion, the conclusion of the ld PCIT that no enquiries were indeed carried out by the ld AO cannot be accepted and hence the revision order passed by him u/s 263 of the Act in this regard, is hereby quashed. Reliance in this regard has been rightly placed by the ld AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred by the Department were heard before Your Honours on June 2, 2021. One of the grounds of appeal raised by the Department in all three appeals is regarding allowability of deduction u/s. SOP claimed by the Respondent Assessee. During the course of the hearing, our learned authorized representative Mr. Yogesh Thar had argued that insofar as claim of deduction u/s. SOP of the Act is concerned, the same is covered in Assessee's favour by the decision of the Hon Jurisdictional Mumbai Tribunal in Assessee's own case for AY 2011-12 (ITA No. 896/M/2016, order dated February 17, 2017 (copy has been already filed in the factual paperbook on 21.05.2021). 2. During the course of the hearing, it fell from the Hon Bench that there is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Similar is the ratio of the decisions of the Hon Jurisdictional Mumbai Tribunal in following cases; 6.1. Land End Cooperative Housing Society Ltd. v. ITO (46 CCH 52) (Mum); 6.2. Sea Green Cooperative Housing Society Ltd. v. ITO (ITA No. 1343/M/17, order dated 31.03.2017) (Mum); 6.3. Merwanjee Cama Park Cooperative Housing Society Ltd. v. ITO (ITA No. 6139/M/14, order dated 27.09.2017) (Mum); 6.4. ITO v. Ashoka Apt. C.H.S. Ltd. (ITA No. 2845/M/10) (Mum); 6.5. ITO v. Sagar Sanjog C.H.S. Ltd. (ITA No. 1972-74/M/2005)(Mum); 6.6. ITO v. Pancharatna Co. Op. Hsg. Soc. Ltd. (ITA 2858/Mum/2010) (Mum) 7. In view of the foregoing as also the decision in Appellant's own case for AY 2011-12, the Respondent Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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