TMI Blog2023 (5) TMI 878X X X X Extracts X X X X X X X X Extracts X X X X ..... stered 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 payer of interest is also a Co-operative society registered under the Cooperative Societies Act. Respectfully following the decision of the Division Bench, overturn the impugned order and direct to grant deduction u/s.80P(2)(d) of the Act on the amount of interest earned from various cooperative banks. Allowability of deduction u/s.8P(2)(a)(i) on the interest income earned from the deposits kept with Nationalized banks - As find the Pune Benches in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit [ 2019 (4) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Syal, Vice President For the Assessee : Shri Piyush Bafna For the Revenue : Shri Suresh Gaikwad ORDER PER R.S. SYAL, VP: This appeal by the assessee arises out of the order dated 17-03-2023 passed by the CIT(A) in National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called the Act ) in relation to the assessment year 2018-19. 2. The only issue raised in this appeal is against the denial of deduction u/s.80P of the Act in relation to the interest income earned from Cooperative banks and also Nationalised banks. 3. Briefly stated, the facts of the case, are that the assessee society claimed deduction u/s.80P on net interest income of Rs.25,84,235/- after reducing the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er and direct to grant deduction u/s.80P(2)(d) of the Act on the amount of interest earned from various cooperative banks. 5. As far as the allowability of deduction u/s.8P(2)(a)(i) on the interest income earned from the deposits kept with Nationalized banks is concerned, I find the Pune Benches 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 Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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