TMI Blog2022 (12) TMI 1011X X X X Extracts X X X X X X X X Extracts X X X X ..... that the claim of deduction u/s.80P on interest income was not in order. As observed that though co-operative banks, other than primary agricultural credit society or a primary co-operative agricultural and rural development bank, are not eligible for deduction pursuant to insertion of section 80P(4) w.e.f. 1.4.2007, but this provision does not dent the otherwise eligibility u/s 80P(2)(d) of a co-operative society on interest income on investments/deposits parked with a co-operative bank, which is a registered co-operative society as per section 2(19) defining co-operative society to mean a co-operative society registered under the Co-operative Societies Act, 1912 or under any law for the time being in force. The assessees are also Co-op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of erroneous assessment orders prejudicial to the interest of the Revenue. 2. In two appeals, there is a delay of 4 days (ITA No. 368/PUN/2022) and 12 days (ITA No. 391/PUN/2022) in presenting the appeals before the Tribunal. Prima-facie, the delay pertains to the covid-19 pandemic period prevailed across the country. Therefore, the said delay is condoned, admitting the appeals for disposal of merits, by virtue of the judgment of the Hon ble Supreme Court in Cognizance for Extension of Limitation, In re 438 ITR 296 (SC) read with judgment in Cognizance for Extension of Limitation, In re 432 ITR 206 (SC) dated 08-03-2021 and 421 ITR 314. 3. Succinctly, the facts in all these cases are that the assesses filed returns claiming de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the point having been pointed out, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit ( supra ) preferred to go with the view in favour of the assessee by the Hon ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). The position continues to remain the same before this Tribunal also. 5. Reliance of the ld. Pr. CIT in some of the cases under consideration on the decision of Pr. CIT and Another Vs. Totagars Cooperative Sales Society (2017) 395 ITR 611 (Kar.) is not relevant. The issue in that case was the eligibility of deduction u/s.80P(2)(d) of the Act on interest earned by the assessee cooperative society on investments made in co-operative banks. In that case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rked with a co-operative bank, which is a registered co-operative society as per section 2(19) of the Act, defining co-operative society to mean a co-operative society registered under the Co-operative Societies Act, 1912 or under any law for the time being in force. The assessees are also Co-operative society registered. 7. Similar view has been taken by the Pune Benches of the Tribunal in several cases including The Sesa Goa Employees Coop. Credit Society Ltd. Vs. ACIT (ITA No.203/PUN/2019, order dated 16-11-2022). 8. In view of the fact that the Pune Benches of the Tribunal in series of decisions have held that the assessees are entitled to deduction u/s.80P(2)(a)(i)/80P(2)(d) in respect of interest income, we hold that the impug ..... X X X X Extracts X X X X X X X X Extracts X X X X
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