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TMI Blog2020 (2) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... e deposits with scheduled bank, and thereafter exclude that amount from the computation of deduction claimed under section 80P(2)(a)(i) of the Act. As far as interest income from cooperative bank/society is concerned in view of the decision of co-ordinate Bench, such income will qualify for grant of deduction under section 80P(2)(d) of the Act. The ld.AO shall work out net amount of such interest income, and thereafter grant deduction under section 80(2)(d) of the Act. - ITA No.2018/Ahd/2017, 2019/Ahd/2017 And ITA No.97/Ahd/2017 - - - Dated:- 9-1-2020 - Shri Rajpal Yadav, Hon ble Judicial Member And Shri Waseem Ahmed Hon ble Accountant Member Assessee by: Ms.Urvashi Shodhan, AR Revenue by: Shri Deelipkumar, Sr.DR ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under section 80P(2)(d) of the Income Tax Act. 4. With the assistance of ld. representatives, we have gone through the record carefully. It emerges out from the record that both the assessees are credit cooperative societies, which has been entertaining deposits from their members, and providing credit facilities. The assessees have earned two types of interest income viz. (a) interest income from nationalised banks, and (b) interest income from cooperative societies/cooperative banks. The ld. counsel for the assessee submitted that computation of deduction made under section 80P(2)(a)(i) as well as under section 80P(2)(d). She contended that as far as interest income from scheduled bank is concerned, the assessee is not entitled fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 014. It was pointed out on behalf of the assessee that K.D.C.C. Bank is a co-operative bank registered under Co-operative Society Act and investment made in this bank and interest earned. This investment is eligible for deduction under s.80P(2)(d) of the Act. 7. In the given facts as noted above, the claim of the assessee under s.80P(2)(d) of the Act appears to be in consonance with the plain language of the Act. We thus find merit in the claim of the assessee for deduction under s.80P(2)(d) of the Act in respect of income earned from K.D.C.C. Bank. 5. On the strength of the above, she contended that interest income from any cooperative bank/credit societies be allowed as deduction under section 80P(2)(d) of the Act. She drew our a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uled bank. The ld.AO shall work out the net interest income from the deposits with scheduled bank, and thereafter exclude that amount from the computation of deduction claimed under section 80P(2)(a)(i) of the Act. As far as interest income from cooperative bank/society is concerned in view of the decision of co-ordinate Bench, such income will qualify for grant of deduction under section 80P(2)(d) of the Act. The ld.AO shall work out net amount of such interest income, and thereafter grant deduction under section 80(2)(d) of the Act. 8. As far as ITA No.97/Ahd/2017 is concerned, in this year only dispute in the present proceedings is admissibility of deduction under section 80P(2)(d) of the Act of the interest income earned from cooper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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