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TMI Blog2017 (1) TMI 1100X X X X Extracts X X X X X X X X Extracts X X X X ..... rding to Section 56(i)(ccv) of the Banking Regulations Act, 1949, defines a primary Co-Operative Society bank as the meaning of Co- Operative Society. Therefore, a Co-operative Society Bank would be included in the words ‘Co-operative Society’. Admittedly, the interest which the assessee respondent had earned was from a Co-operative Society Bank. Therefore, according to Sec. 80P(2)(d) of the I.T. Act, the said amount of interest earned from a Co-operative Society Bank would be deductable from the gross income of the Co-operative Society in order to assess its total income. Therefore, the Assessing Officer was not justified in denying the said deduction to the assessee respondent. - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... the interest earned by the assessee from the Co-operative Banks by denying deduction under Section 80P(2)(d) of the Act. 3. Since the assessee was aggrieved by the assessment order passed by the Assessing Officer, it filed an appeal before the Commissioner of Income Tax (Appeals). Before the CIT(A) the assessee argued that it is entitled to claim deduction u/s 80P(2)(d) of the Act. By order dated 30.03.2015 the CITA allowed the appeal filed by the assessee, and deleted the additions made by the Assessing Officer. 4. Since the Revenue was aggrieved by order dated 31.03.2015, it further filed an appeal before the ITAT. However, by order dated 22.01.2016, the learned Tribunal has dismissed the appeal filed by the Revenue. Hence, the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imited one, namely whether for the purpose of Section 80P(2)(d) of the Act, a Co- operative Bank should be considered as a Co-operative Society or not? For, if a Co-operative Bank is considered to be a Co-operative Society, then any interest earned by the Co-operative Society from a Co- operative Bank would necessarily be deductable under Section 80P(1) of the Act. 8. The issue whether a Co-operative Bank is considered to be a Co-operative Society is no longer res integra. For the said issue has been decided by the ITAT itself in different cases. Moreover the word "Co- operative Society" are the words of a large extent, and denotes a genus, whereas the word "Co-operative Bank" is a word of limited extent, which merely demarcates and identi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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