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TMI Blog2019 (5) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 80P(2)(d) of the Act on interest income earned on deposits made with Co-operative Banks and nationalized Banks - Decided against assessee. - ITA No. 214/Bang/2019 - - - Dated:- 8-5-2019 - Shri Jason P. Boaz, Accountant Member For the Assessee : Shri. Sandeep C, C.A. For the Revenue : Shri. Sumer Singh Meena, Addl. CIT ORDER PER JASON P BOAZ, ACCOUNTANT MEMBER This appeal by the assessee is directed against the order of CIT(A)-2, Bangalore, dated 27.11.2018 for Assessment Year 2013-14. 2. Briefly stated, the facts of the cases relevant for disposal of this appeal are under: 2.1 The assessee filed its retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned Commissioner of Income Tax (Appeals) erred in law and on facts in holding that the interest earned from deposits made in co-operative banks and nationalized banks is not allowable as deduction u/s 80P(2)(d) of the Act. Additional Ground 4. That the learned lower authorities ought to have allowed the deduction u/s. 80P(2)(c) of the Act. Each of the above grounds is without prejudice to one another and the appellant craves leave of the Hon'ble Income Tax Appellate Tribunal, Bangalore to add, delete, amend or otherwise modify one or more of the above grounds either before or at the time of hearing of this appeal. 4. Ground No.1 (supra) is general in nature a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted deduction under section 90P(2)(d) of the Act in respect of interest income earned by it from out of deposits with Co-operative Banks and nationalized Banks. As fairly admitted by the learned AR for the assessee, this issue for consideration before us has been considered and decided against the assessee by a Co-ordinate Bench of this Tribunal in the case of Karnataka State Government House Building Cooperative Society Ltd., Vs. ITO (supra). In its order in ITA Nos. 1500 and 1501/Bang/2018 dated 22.03.2019, the Co-ordinate Bench at paras 5 to 7 thereof has considered and held as under:- 05. Regarding ground 4 the Ld. AR submitted that case of the assessee is covered by the decision of jurisdictional High Court in the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the learned judges 'e observed that the issue whether a co-operative bank is considered to be a cooperative society is no longer res integra, for the said issue has been decided by the Income-tax Appellate Tribunal itself in different cases . . . . No other binding precedent was .discussed in the said judgment. Of course, the Bench has observed that a cooperative bank is a specie of the genus co-operative society, with which we agree, but as far as applicability of section 80P(2) of the Act is concerned, the applicability of the Supreme Court's decision cannot be restricted only if the income was to fall under section 80P(2)(a) of the Act and not under section 80P(2)(d) of the Act. It was submitted that as th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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