TMI Blog2022 (12) TMI 1162X X X X Extracts X X X X X X X X Extracts X X X X ..... ELD THAT:- Grant of deduction u/s.80P by the Assessing Officer (AO) in respect of interest income earned from other credit cooperative societies or Nationalised banks led to the passing of erroneous assessment orders prejudicial to the interest of the Revenue - HELD THAT:- Pune Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit [ 2019 (4) TMI 682 - ITAT PUNE] has decided the question of availability of deduction u/s 80P on interest income by noticing that the Pune Bench in an earlier case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit [ 2015 (8) TMI 1085 - ITAT PUNE] has allowed similar deduction. No direct judgment from the Hon ble jurisdictional High Court on the point having been pointed out, the Tribunal in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2022 (12) TMI 959 - ITAT PUNE] . We hold that the impugned orders questioning the deduction u/s.80P(2)(a)(i)/80P(2)(d) in respect of interest income, cannot be sustained. Appeal allowed. - ITA No. : 102/PUN/2020, 304, 305/PUN/2022, 331/PUN/2022, 350/PUN/2022, 357/PUN/2022, 373/PUN/2022, 380/PUN/2022, 384/PUN/2022, 399/PUN/2022, 400/PUN/2022, 431/PUN/2022, 432/PUN/2022, 448/PUN/2022, 460/PUN/2022, 492/PUN/2022, 504/PUN/2022, 522/PUN/20 - - - Dated:- 21-12-2022 - Shri R.S. Syal, Vice President And Shri Partha Sarathi Chaudhury, Judicial Member For the Assessee(s) : Shri Nikhil S. Pathak Shri Ajinkya M. Vaishampayan, Shri Kishor B. Phadke, Shri Pramod.S. Shingte, Shri Hemant C. Shah, Shri Abhay Avchat and Shri M.R. Bhagwat F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 314. 3. Further, there is no appearance from the side of the assessees in ITA No.102/PUN/2020, ITA No.460/PUN/2022, ITA No.492/PUN/2022 and ITA No.522/PUN/2022 despite notice. We are, therefore, proceeding with these appeals ex parte qua the assessee after hearing the ld. DR. 4. Succinctly, the facts common in all these cases are that the assesses filed returns claiming deduction u/s.80P in respect of interest income which was allowed by the respective AOs. The ld. PCIT(s) invoked the jurisdiction u/s 263 of the Act and disputed the allowability of the claim of deduction u/s.80P(2)(a)(i) in some cases and under 80P(2)(d) in others, thereby holding the assessment orders to be erroneous and prejudicial to the interest of the Revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. We thus hold that no exception can be taken to the granting of deduction on interest income by the AO u/s 80P(2)(a)(i) of the Act. 6. Coming to the other cases involving deduction u/s.80P(2)(d) of the Act, it is crystal clear from the language of the provision 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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