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TMI Blog2024 (6) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax (Appeals) ['CIT(A)'] erred on facts and circumstances of the case and in law so far as his order is prejudicial to the interest of the Appellant. 2. The learned CIT(A) has erred on facts and in the circumstances of the case and in law by upholding the view of the learned Assessing Officer ('AO') who had held that the Appellant is not eligible or deduction under section 80P(2)(a)(i) of the Act to the extent of Rs since it has carried on business with Nominal Members also (besides Ordinary/ Regular Members). 3. The learned CIT(A) has erred on facts and in the circumstances of the case and in law by considering that the interest received by the Appellant from Cooperative Bank amounting to Rs is not eligible for d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom Cooperative Bank. 8. The learned CIT(A) has erred in confirming the levy of interest under sections 234A and 234B of the Act though the same should not have been levied in the present situation. That the Appellant craves leave to add to and/or to alter, amend, rescind, modify, the grounds herein above or produce further documents before or at the time of the hearing of this appeal. 2. the assessee claimed deduction u/s 80P of the Income Tax Act, 1961 (in short "The Act") at Rs.21,27,454/-. The ld. AO has bifurcated this income as follows: Interest income earned from deposit with other banks treated as income from other sources Rs. 3,74,903/- Balance income from business Rs. 17,52,551/- Total Rs. 21,27,454/- 2.1 Consequently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Society (2017) 78 taxmann.com 169 (Karn.) c) Judgement of Hon'ble High Court of Karnataka in the case of Totgars Co-operative Sale Society Ltd. Vs. ITO (2015) 58 taxmann.com 35 (Karn.) d) Decision of ITAT Bangalore in ITA No.319/Bang/2023 dated 18.5.2023 in the case of M/s. University of Agricultural Employees House Building Co-Op. Society Ltd. Vs. ACIT e) Decision of ITAT Bangalore in ITA Nos.376 to 379/Bang/2023 dated 18.7.2023 in the case of The Totagars' Co-operative Sale Society Ltd. vs. ACIT f) Decision of ITAT Bangalore in ITA No.685/Bang/2023 dated 14.12.2023 in the case of M/s. Raythara Sahakari Sangha Ltd. Vs. ITO g) Decision of ITAT Bangalore in ITA No.901/Bang/2023 dated 2.1.2024 in the case of M/s. Charvaka Seva Sahak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business of banking i.e. engaged in lending money to members of the public, which have a license in this behalf from the RBI. The Hon'ble Apex Court had enunciated various principles in regard to deduction u/s 80P of the Act. On identical factual situation, the Bangalore Bench of the Tribunal in the case of M/s. Ravindra Multipurpose Cooperative Society Ltd. v. ITO in ITA No.1262/Bang/2019 (order dated 31.08.2021) had remanded the issue to the files of the A.O. for de novo consideration. The Tribunal directed the A.O. to follow the dictum laid down by the Hon'ble Apex Court in the case of Mavilayi Service Cooperative Bank Ltd. & Ors. v. CIT & Anr. (supra). The relevant finding of the Coordinate Bench of the Tribunal in the case of M/s. Rav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... came for consideration before this Tribunal in the case of Kotekar Vyavasaya Seva Sahakara Sangha Niyamitha in ITA No.452 to 454/Bang/2024 dated 1.5.2024, wherein the Tribunal held as under: "6. We have heard the rival submissions and perused the materials available on record. As regards the claim of deduction u/s 80P(2)(d) of the I.T. Act, we direct the A.O. to verify whether interest / dividend is received by the assessee out of investments made with Cooperative Societies. If the assessee earns interest / dividend income out of investments with co-operative society, as observed by Hon'ble Supreme Court in the case of Kerala State Co-operative Agricultural and Rural Development Bank Ltd. in Civil Appeal No.10069 of 2016, order dated 14.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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