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TMI Blog2025 (3) TMI 1474X X X X Extracts X X X X X X X X Extracts X X X X ..... n 29.11.2024 (AY 2017-18) and for rest of the assessment years 28/11/2024, respectively. The impugned orders were emanated from the order of the Ld. Income-tax Officer, Ward 4(2), Thane (for brevity the "AO") for AY 2017-18, National e-Assessment Centre, Delhi, order passed under section 143(3) read with section 143(3A), 143(3B) of the act, date of order 31/03/2021 and order passed by Assessment Unit, Income-tax Department passed under section 143(3) read with section 144B of the Act, date of order 02/09/2022. 2. All the appeals are having same nature of fact and have a common issue. So, all the appeals were taken together, heard together and are disposed of by this common order. ITA No. 334/Mum/2025 for A.Y. 2020-21 is taken as lead case. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tiny under CASS and the Ld.AO had completed the assessment with an addition under section 80P on pro-rata basis and made the addition amount to Rs. 1,91,57,308/-. While filing the return, the assessee has claimed the returned income Nil, but in the return of income, the assessee claimed deduction under section 80P(2)(d) towards interest and dividend from co-operative banks amount to Rs. 1,51,30,293.06 and under section 80P(2)(a)(i) being income of society from credit facilities amount to Rs. 40,27,051/-. After framing the assessment order, the assessee challenged the impugned order before the Ld.CIT(A). The Ld.CIT(A) has considered the appeal of the assessee and observed that the assessee inadvertently claimed deduction under section 80P(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rative Bank 11,16,010.00 Thane District Co-Operative Bank 11,52,680.00 Vasai Janta Sahakari Bank Ltd 16,35,516.00 Vasai Vikas Sahakari Bank 99,13,526.00 Total interest on investment (Accrued) 1,38,17,732,00 ii. Details of investment interest actual received in bank Detailed list of interest received on investment with banks are enclosed for your perusal. The interest is computed on Fixed Deposits done by Society with other Co-operative Societies. Name of Bank Interest Amount (in Rs. ) Bassein Catholic Co-Operative Bank 404.00 Thane District Co-Operative Bank 10,44,092.00 Vasai Janta Sahakari Bank Ltd 78,825.00 Total interest on investment (Accrued) 11,23,231.00 iii. Details of Bank interest Detailed branch-wise li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter relied upon by Ld.CIT(A) in pronouncement of his Order. In the matter of Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd (supra) the facts were that the Appellant had received interest income from both Co-operative Banks as well as Nationalised Bank and the same was claimed as deduction u/s 80P(2)(d).Whereas in the instant case, the assessee has received interest only from Co operative Banks. Section 80P(2)(d) provides for deduction of interest received by a Co-operative Society from another Co-operative Society. A Co-operative Society being a Co-operative Society fits into the permissible provisions of the deductions. Thus the case referred by the Ld. CIT(A) in his judgement is not applicable or relatable to the facts of the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td [2025] 171 tomann.com 22 (Gujarat), wherein it was held that the appellant being a cooperative society, earning interest on investment made with a cooperative bank and claiming deduction under section 80P(2)(d), deduction was to be allowed under section 80P(2)(d). 8. Further the Ld. AR respectfully relied on the order of the Hon'ble Supreme Court in PCIT Vs Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited, Civil Appeal No. 8719/2022 dated 20/04/2023 it is held that, "............Even otherwise, on merits also and taking into consideration the CBDT Circulars and even the definition of Bank under the Banking Regulation Act, the respondent/Assessee cannot be said to be Co-operative Bank/Bank and, therefore, Section 80(P)(4)sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. vi) ITA No. 644/Mum/2017 (Assessment Year: 2013-14) Income Tax Officer Ward-20(2)(2), Mumbai vs M/s. Mazgaon Dock Employees Co. Op. Credit Society Ltd dated 27.06.2018 vii) LT.A. No. 3048/Mum/2016 (Assessment Year: 2012-13) ITO 20(2)(2) vs M/s Mazgaon Dock Employees Co-op. Credit Society Ltd. dated 28/02/2018 viii) ITA No. 62/MUM/2024 Assessment Year 2017-18 & ITA No. 165/MUM/2024 Assessment Year: 2020-21-Income Tax Officer-28.3.1, Mumbai vs Vaibhav Co-op Credit Society dated 29.05.2024 9. In our considered view the issue is well settled by the order of the Hon'ble Supreme Court. The revenue has restricted the claim of deduction U/s 80P(2)(d) in pursuance of section 80P(4) of the Act and the cooperative bank is not considered as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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