9911796707
TMI Blog2019 (5) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... NIL income after claiming deduction of its income amounting to Rs. 11,18,173/-, under section 80P(2)(d) of the Income Tax Act, 1961 (in short 'the Act'). The case was taken up for scrutiny for this Assessment Year and the assessment was concluded under section 143(32) of the Act vide order dated 28.03.2016; wherein the assessee's income was determined at Rs. 11,18,173/-, in view of the Assessing Officer (AO) disallowing the assessee's claim for deduction under section 80P(2)(d) of the Act. The assessee's appeal on its claim for being allowed the deduction claimed under section 80P(2)(d) of the Act was dismissed by CIT(A)-2, Bangalore, vide the impugned order dated 27.11.2018. 3. Aggrieved by the order of CIT(A)-2, Bangalore, dated 27.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n under section 80P(2)(c) of the Act. At the outset of the hearing, the learned AR for the assessee submitted that this ground is not being pressed by the assessee. As this ground No.4 is not pressed by the assessee, it is rendered infructuous and is accordingly dismissed. 6. Ground Nos. 2 & 3 - Deduction under section 80P(2)(d) of the Act 6.1 In these grounds (supra), the assessee contends that the authorities below erred in holding that the assessee was not entitled for deduction under section 80P(2)(d) of the Act in respect of interest earned from deposits in Co-operative Banks and nationalised Banks . However, at the time of hearing, the learned AR for the assessee fairly conceded that on this issue, i.e., of the assessee's claim for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest earned from a co-operative bank would be deductible 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 assesseerespondent. It was fairly conceded by the Ld AR that the issue in the present case was subsequently decided by the jurisdictional High Court in the matter of Pr. CIT Totgars Co-op Sale Society [395 UK 611] against the assessee , wherein at para 18, it was held as under : 18. The contention of the learned counsel for the assessee that a Co-ordinate Bench of this court dismissed the Revenue's appeals by referring, but not applying the decision of the hon'ble Supreme Court, we observe with greate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue's side. 07. We have heard the rival submissions and perused the material on record. The issue pertains to eligibility of the assessee for claiming the deduction u/s.80P2(d), is squarely covered against the assessee by the categorical pronouncement in the matter of Pr. CIT versus Totgars Co-op Sale Society [395 ITR 611] , wherein after taking into account the judgment of the Hon'ble Supreme Court in the matter of Totgar's Cooperative Sale Society v. ITO [322 ITR 283] the issue was decided against the assessee. We do not find any reason to take a contrary view and accordingly the ground raised by the assessee is dismissed." 6.2.2 Respectfully following the decision of the Hon'ble Karnataka High Court in the case of Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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