TMI Blog2022 (12) TMI 1322X X X X Extracts X X X X X X X X Extracts X X X X ..... enue s instant arguments to this effect. Assessee had deposited its surplus in cooperative banks and derived interest therefrom which has been claimed as eligible for section 80P deduction - As decided in BELGAUM COAL COKE CONSUMER COOPERATIVE ASSOCIATION LTD. [ 2021 (11) TMI 1121 - ITAT PANAJI] we hold that the interest income earned by the appellant society on investment made with the cooperative bank which are also cooperative societies is exempt from the Income Tax Act u/s 80P(2)(d) of the Act. Therefore, we hold that the lower authorities was not justified in denying the claim of deduction u/s 80P(2)(d) of the Act. Accordingly, we direct the Assessing Officer to allow the same as deduction u/s 80P(2)(d) - Assessee appeal is allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tered as credit cooperative society only. I thus reject the Revenue s instant arguments to this effect. 6. Learned DR next argued that the assessee had deposited its surplus in cooperative banks and derived interest therefrom which has been claimed as eligible for section 80P deduction. This tribunal s recent coordinate bench s order in ITA.No.103/PAN./ 2018 dated 17.11.2021 has rejected the department s stand as follows : 6. We heard the rival submissions and perused the material on record. The solitary issue in the present appeal relates to the eligibility of exemption of income received from cooperative banks under the provisions of section 80P(2)(d) of the Act. The Assessing Officer as well as the ld. CIT(A) was of the opinion t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ociety Ltd. vs. CIT, 50 taxmann.com 278, the decision of the Hon ble Delhi High Court in the case of Mantola Cooperative Thrift Credit Society Ltd. (supra) was not preferred to the view of the Hon ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-op. Ltd. (supra) by observing as under :- 9. The Pune Benches of the Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit Vs. The Pr.CIT (ITA No.713/PUN/2016, dated 9-4-2019) 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 Vs. ITO (ITA No.604/PN/2014, dated 19-8-2015) has allowed similar deduction. In the said case, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stocks, van section, medical shops, lodging, plying and hiring of goods and carriage etc. It was in that background of the facts that the Hon'ble High Court held that the assessee could not claim deduction u/s.80P(2)(d) of the Act. When we consider the impact of this decision, it turns out that the same is not germane to case under consideration in view of the position that the claim of the instant assessee is directly about the eligibility of deduction 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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