2022 (12) TMI 505

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..... ion u/s.80P(2)(a)(i) of the Act and not u/s.80P(2)(d). Moreover, so many decisions relied on by the ld. AR amply go to prove that the view taken by the AO, cannot by any standard, be construed as not a possible view. We, therefore, hold that the ld. Pr. CIT was not justified in exercising the revisional power anent to interest income earned on investments made with co-operative banks. Thus ov .....

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..... e case are that the assessee is a Co-operative society, who filed return of income declaring total income at Nil after claiming deduction u/s 80P amounting to Rs.30,76,502. The Assessing Officer (AO) denied the deduction, inter-alia, on interest income of Rs.17,72,010 by considering the provisions of section 80P(2)(d) of the Act. The ld. CIT(A) affirmed the action of the AO. Aggrieved thereby, the .....

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..... igibility of deduction u/s.80P(2)(d) of the Act on interest earned by the assessee co-operative society on investments made in co-operative banks. In that case, the assessee was engaged in the activity of marketing agricultural produce by its members; accepting deposits from its members and providing credit facility to its members; running stores, rice mills, live stocks, van section, medical shop .....

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