2024 (5) TMI 393

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..... This is an appeal filed by the assessee directed against the order of Addl./JCIT(A)-2, Delhi dated 08.03.2024 for the assessment year 2015- 16. 2. Briefly, the facts of the case are that the appellant is a Credit Cooperative Society registered under Maharashtra Cooperative Societies Act, 1960. It is engaged in providing credit facilities to its members. The Return of Income for the assessment yea .....

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..... ecution. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. When the appeal was called on, none appeared on behalf of the appellant despite due service of notice of hearing. After hearing the ld. DR and perusing the material on record, we proceed to dispose of the appeal ex parte qua the appellant. 6. On the other hand, ld. Sr. DR placing reliance on t .....

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..... pect of interest income earned by a cooperative society from the Nationalised banks/cooperative banks, there is a cleavage of judicial opinion among several High Courts on the issue of eligibility of this kind of income for exemption u/s. 80P(2)(a)(i) of the Act. The Hon'ble Punjab & Haryana High Court in the case of CIT vs. Punjab State Cooperative Federation of Housing Building Societies Ltd. 11 .....

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..... arda Credit Cooperative Ltd. Vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon'ble Telangana and Hon'ble Andhra Pradesh High Court in the case of Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 took a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by th .....

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..... ess income, which is eligible for deduction u/s 80P(2)(a)(i) of the Act. Therefore, we direct the Assessing Officer to allow the exemption u/s. 80P(2)(a)(i) and section 80P(2)(d) of the Act. Thus, the grounds of appeal filed by the assessee stand allowed. 9. In the result, the appeal filed by the assessee stands allowed. Order pronounced on this 06th day of May, 2024.
Case laws, Decisions, J .....

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