TMI Blog2023 (2) TMI 202X X X X Extracts X X X X X X X X Extracts X X X X ..... ion between nominal and regular members is concerned. Revenue s arguments on both these twin aspects are rejected therefore outcome is no different regarding the assessee s interest income derived from cooperative/other banks wherein the tribunal s recent coordinate bench s order in Bhimashankar Sahakari Sakhar Karkhana Ltd. Pune[ 2023 (2) TMI 134 - ITAT PUNE] Revenue is fair enough in not pinpointing any distinction on facts or law so far as the instant issue of sec.80P deduction is concerned. The assessee s instant sole substantive ground hereinabove succeeds. - ITA.No.231/PAN/2019 - - - Dated:- 25-1-2023 - Shri Satbeer Singh Godara, Judicial Member For the Assessee : Shri S.J. Kamat For the Revenue : Shri N. Srikant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom cooperative/other banks wherein the tribunal s recent coordinate bench s order in ITA.No.615/ PUN./2022 DCIT vs. Bhimashankar Sahakari Sakhar Karkhana Ltd. Pune dated 21.12.2022 has decided the same against the department as under : 2. In this appeal, the Revenue is aggrieved by the grant of deduction u/s.80P of the Income-tax Act, 1961 (hereinafter also called the Act ). Briefly stated, the facts of the case, are that the assessee is a co-operative society, who filed return its declaring total income at Rs.32,53,300/-. During the course of assessment proceedings, the Assessing Officer (AO) observed that the assessee claimed deduction u/s.80P in respect of interest income and also dividend on investments with another cooperative s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ability of deduction u/s.8P(2)(a)(i) is concerned, we find that the Pune Benches of the Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit Vs. The Pr.CIT (ITA No.713/PUN/2016) 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 Vs. ITO (ITA No.604/PN/2014) has allowed similar deduction. In the said case, the Tribunal discussed the contrary views expressed by the Hon ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 Taxman 309 (Kar.) allowing deduction u/s. 80P on interest income and that of the Hon ble Delhi High Court in Mantola Cooperative Thr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ieties registered under the Act, thereby making them eligible for claim of the deduction. Similar view has been taken in several cases including The Sesa Goa Employees Coop. Credit Society Ltd. Vs. ACIT (ITA No.203/PUN/2019) vide order dated 16-11-2022. 7. In view of the fact that the Pune Benches of the Tribunal in series of decisions have held that the cooperative societies are entitled to deduction u/s.80P(2)(a)(i)/80P(2)(d) in respect of interest income, we hold that the impugned orders do not require any interference. 5. The Revenue is fair enough in not pinpointing any distinction on facts or law so far as the instant issue of sec.80P deduction is concerned. The assessee s instant sole substantive ground hereinabove succeeds ..... X X X X Extracts X X X X X X X X Extracts X X X X
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