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TMI Blog2024 (9) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... ri Sahakari Pat Limited. All other relevant details stands duly tabulated hereinabove. 2. It emerges during the course of hearing that the sole identical substantive issue in these cases is that of allowability of these twin assessees' claim(s) of sec. 80P deduction in their respective cases. 3. We note in this factual backdrop that there are three appeals pertaining to the former assessee namely Shivkrupa Sahakari Patpedhi Limited filed by the Revenue i.e., ITA.Nos.4297/MUM./2023 [A.Y.2014-2015] in sec. 143(3) r.w.s.263; ITA.No. 4242 & 4245/MUM./2023 [for latter A.Y. 2017-2018] involving sec. 270A penalty proceedings 143(3) assessment and the latter assessee Shivkrupa Nagari Sahakari Pat Limited's appeal ITA.No.2407/MUM./2024; involving ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue's instant first and foremost appeal in former assessee's case ITA.No.4297/MUM./2023 in very terms. 5. The Revenue's twin appeals ITA.Nos.4245 & 4242/MUM./2023 in former assessee's case in assessment year 2017-2018 involving sec. 143(3) assessment and sec. 270A proceedings. 6. Suffice to say, the Revenue's above quantum appeal seeks to disallow the assessee's sec. 80P deduction claim of Rs. 37,78,74,035/- thereby treating it as a cooperative bank than a cooperative society so as to be eligible for the impugned deduction. It's vehement argument during the course of hearing before us is that this assessee deserves to be treated as a cooperative bank only since carrying out regular banking business and therefore, the CIT(A)-NFAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction in assessment year 2014-2015 (supra). 9. Faced with this situation, learned CIT-DR vehemently contended that case law Totagars Co-operative Sales Society Ltd. vs. ITO, 188 taxmann.com 282 (SC) and Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd., vs. ACIT [2022] 140 taxman 602 (Guj.) (HC) against the assessee. We note that The Vaveru Co-operative Rural Bank Ltd., vs. CCIT [2017] 396 ITR 371 (AP) has treated the interest income from nationalized banks as well as eligible for sec. 80P deduction. All these divergent judicial opinions from various hon'ble non-jurisdictional high courts and absence of the issue being decided in hon'ble jurisdictional high court; make it clear that the instant issue of interest income from cooper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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